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  1. Point in time
    2007-02-06

PERG 8.25 Advice must relate to an investment which is a security or contractually based investment

PERG 8.25.1GRP

For the purposes of article 53 of the Regulated Activities Order, a security or relevant investment is any one of the following:

  1. (1)

    shares;

  2. (2)

    debentures;

  3. (3)

    government and public securities;

  4. (4)

    warrants;

  5. (5)

    certificates representing certain securities;

  6. (6)

    units in collective investment schemes;

  7. (7)

    stakeholder pension schemes;

  8. (8)

    options;

  9. (9)

    futures;

  10. (10)

    contracts for differences;

  11. (11)

    contracts of insurance;

  12. (12)

    funeral plan contracts;

  13. (13)

    rights to or interests in such investments.

PERG 8.25.2GRP

Article 53 does not apply to advice given on any of the following:

  1. (1)

    deposit or other bank or building society accounts (but note that providing basic advice on a stakeholder product including stakeholder deposit accounts is a separate regulated activity under article 52A of the Regulated Activities Order - see the guidance in PERG 2.7.14A G (Providing basic advice on stakeholder products));

  2. (2)

    interests under the trusts of an occupational pension scheme (but rights under an occupational pension scheme that is a stakeholder pension scheme will be securities);

  3. (3)

    mortgages or other loans (but note that advising on regulated mortgage contracts is a separate regulated activity under article 53A of the Regulated Activities Order – see the guidance in PERG 4 (Regulated activities connected with mortgages));

  4. (4)

    National Savings products;

  5. (5)

    foreign exchange (or cash);

  6. (6)

    commodities (for example, gold);

  7. (7)

    real estate;

  8. (8)

    any other physical property capable of having investment potential (for example, works of art, racehorses) unless investment is made through a collective investment scheme.