Regulation 29

A Service Company which carries on the business of advising others, either directly or through publications or writings or by issuing or promulgating research analyses or research reports, concerning any investment product shall, if such business is solely incidental to its business as an agent of a member of Lloyd’s, be exempt from holding a financial adviser’s licence under section 20(1)(g) of the Act.

Sections 34 to 38, 43, 45 and 80 of the Act shall, with the necessary modifications, apply to a Service Company referred to in paragraph (1).

Sections 27, 34 to 38, 43, 45 and 80 of the Act shall, with the necessary modifications, apply to a representative of a Service Company referred to in paragraph (1).

In this regulation, “agent”, in relation to a member of Lloyd’s, “Lloyd’s”, “member of Lloyd’s” and “Service Company” have the same meanings as in regulation 2 of the Insurance (Lloyd’s Asia Scheme) Regulations (Rg 9).