(1) Investment firms which produce, or arrange for the production of, investment research that is intended or likely to be subsequently disseminated to clients of the firm or to the public, under their own responsibility or that of a member of their group, shall ensure the implementation of all the measures set out in Regulation 75(4) to (6) in relation to the financial analysts involved in the production of the investment research and other relevant persons whose responsibilities or business interests may conflict with the interests of the persons to whom the investment research is disseminated.
(2) Investment firms referred to in paragraph (1) shall have in place arrangements designed to ensure that the following conditions are satisfied:
(a) financial analysts and other relevant persons must not -
(i) undertake personal transactions, or
(ii) trade, other than as market makers acting in good faith and in the ordinary course of market making or in the execution of an unsolicited