(1) Advising a person ("P") is a specified kind of activity if -

(a) the advice is given to P in P's capacity as a recipient of credit, or potential recipient of credit, under a regulated credit agreement;

(b) P intends to use the credit to acquire or retain property rights in land or in an existing or projected building; and

(c) the advice consists of the provision of personal recommendations to P in respect of one or more transactions relating to regulated credit agreements entered into, or to be entered into, on or after 21st March 2016.

(2) In this article -

(a) a reference to any land or building -

(i) in relation to an agreement entered into before IP completion day, is a reference to any land or building in the United Kingdom or within the territory of an EEA State;

(ii) in relation to an agreement entered into on or after IP completion day, is a reference to any land or building in the United Kingdom;

(b) "regulated credit agreement" has the meaning given by article 60B(3).