131the regulated activity, specified in article 53(1) of the Regulated Activities Order (Advising on investments), which is in summary: advising a person if the advice is:
- (1) given to the person in their capacity as an investor or potential investor, or in their capacity as agent for an investor or a potential investor; and
- (2) advice on the merits of their doing any of the following (whether as principal or agent):
- (a) buying, selling, subscribing for or underwriting a particular investment which is a security or relevant investment (that is, any designated investment (other than a P2P agreement), funeral plan contract, pure protection contract, general insurance contract or right to or interests in a funeral plan contract); or
- (b) exercising any right conferred by such an investment to buy, sell, subscribe for or underwrite such an investment.