Section 59 “Professional intermediary”.

(1)

For the purposes of this Part, a “professional intermediary” is a person—

(a)

who carries on a business consisting of an activity mentioned in subsection (2) and who holds himself out to the public or any section of the public (including a section of the public constituted by persons such as himself) as willing to engage in any such business; or

(b)

who is employed by a person falling within paragraph (a) to carry out any such activity.

(2)

The activities referred to in subsection (1) are—

(a)

acquiring or disposing of securities (whether as principal or agent); or

(b)

acting as an intermediary between persons taking part in any dealing in securities.

(3)

A person is not to be treated as carrying on a business consisting of an activity mentioned in subsection (2)—

(a)

if the activity in question is merely incidental to some other activity not falling within subsection (2); or

(b)

merely because he occasionally conducts one of those activities.

(4)

For the purposes of section 52, a person dealing in securities relies on a professional intermediary if and only if a person who is acting as a professional intermediary carries out an activity mentioned in subsection (2) in relation to that dealing.

Notes on the whole Act

Textual amendments

F1: Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 6 (with art. 3(2)(3), 4(2), 6(4)(5))

Notes on Part V

Modifications

C1: Pt. V (ss. 52-64) applied (E.W.N.I) (1.12.2001) by 2000 c. 8, s. 402(1)(a); S.I. 2001/3538, art. 2(1)