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The Investment Recommendation (Media) Regulations 2005

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2.  In these Regulations—

“EEA State” means a State which is a contracting party to the agreement on the European Economic Area signed at Oporto on 2 March 1992(1) as it has effect for the time being;

“financial instrument” means any of the instruments listed in Article 1(3) of Directive 2003/6/EC of the European Parliament and the Council of 28 January 2003 on insider dealing and market manipulation(2) that are admitted to trading on a regulated market (as defined in article 1(13) of Council Directive 93/22/EEC(3) on investment services in the securities field) in an EEA State or for which a request for admission to trading on such a market has been made;

“investment recommendation” means information that directly recommends the buying, selling, subscribing for or the underwriting of a financial instrument or the exercise of any right conferred by such instrument to buy, sell, subscribe for or underwrite it; and

“media” means—

(a)

a newspaper, journal, magazine or other periodical publication;

(b)

a service consisting of the broadcast or transmission of television or radio programmes; or

(c)

a service (including the internet) comprising regularly updated news or information;

but excluding any such publication or service the principal purpose of which (taken as a whole and including any advertisements or other promotional material contained in it) is a purpose mentioned in article 54(1)(a) or (b) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(4).

(1)

OJ No. L 1, 3.1.1994, p. 3.

(2)

OJ No. L 96, 12.4. 2003, p. 16.

(3)

OJ No. L 141, 11.6.1993, p. 27 as last amended by Directive 2000/64/EC (OJ L 290, 17.11.2000, p. 27).

(4)

S.I. 2001/544, amended by 2003/1475.

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