PERG 8.30 Medium used to give advice or information
With the exception of periodicals, broadcasts and other news or information services (see PERG 8.31.2 G), the medium used to give advice should make no difference to whether or not it is caught by article 53(1)1.
Taking electronic commerce as an example, the use of electronic decision trees does not present any novel problems. The provider of the service will be giving advice for the purpose of article 53(1)1 only if the service results in something more than a generic recommendation, as with a paper version.
Advice in publications, broadcasts and websites is subject to a special regime – see PERG 8.31.2 G and PERG 7.
Some software services involve the generation of specific buy, sell or hold signals relating to particular investments. These signals are liable, as a general rule, to be advice for the purposes of article 53(1)1 (as well as financial promotions) given by the person responsible for the provision of the software. The exception to this is where the user of the software is required to use enough control over the setting of parameters and inputting of information for the signals to be regarded as having been generated by him rather than by the software itself.