(1) An investment firm may appoint persons as tied agents for the purposes of -
(a) promoting the services of the firm,
(b) soliciting business or receiving orders from clients or potential clients and transmitting them,
(c) placing financial instruments, and
(d) providing advice to clients in respect of -
(i) those financial instruments, and
(ii) services offered by the investment firm.
(2) An investment firm that appoints a tied agent -
(a) remains fully and unconditionally responsible for any act or omission on the part of the tied agent when acting on behalf of the firm, and
(b) shall ensure that the tied agent in dealings with any client or potential client discloses at the outset -
(i) the capacity in which the tied agent is acting, and
(ii) the firm which the tied agent is representing.
(3) An investment firm that appoints a tied agent established in the State shall ensure that the tied agent is -
(a) of sufficiently good repute, and
(b) possesses the appropriate general, c