10. Advising on Investments

(1) Advising on Investments means giving advice to a Person in his capacity as an investor or potential investor, or in his capacity as agent for an investor or a potential investor, on the merits of his buying, selling, holding, subscribing for or underwriting a particular Investment (whether as principal or agent).

(2) In sub‐paragraph (1), "advice" includes a statement, opinion or report:

• (a) where the intention is to influence a Person, in making a decision, to select a particular Investment or an interest in a particular Investment; or
• (b) which could reasonably be regarded as being intended to have such an influence.

11. Arranging Deals in Investments

Arranging Deals in Investments means making arrangements with a view to another Person buying, selling, subscribing for or underwriting an Investment (whether that other Person is acting as principal or agent).