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personal recommendation

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    (1)157172 (except in CONRED and in relation to advising on investments (except P2P agreements)):162

    a recommendation that is advice on P2P agreements172162, advice on conversion or transfer of pension benefits, 125171or advice on a home finance transaction50 and is presented as suitable for the person to whom it is made, or is based on a consideration of the circumstances of that person.

    A recommendation is not a personal recommendation if it is issued exclusively157 to the public.46

    For the purposes of this definition, references in the Handbook to making personal recommendations on, or in relation to, P2P agreements should be understood as referring to making personal recommendations involving advice on P2P agreements.140

    172162

    (2)157 (in CONRED) a recommendation that157 is advice on investments and:

      1. (a) where given on or before 31 October 2007, was given to a specific person; or
      1. (b) where given on or after 1 November 2007, was presented as suitable for the person to whom the recommendation was made, or was based on a consideration of the circumstances of that person, other than a recommendation issued exclusively through distribution channels or to the public.

    (3) (in relation to advising on investments (except P2P agreements)) a recommendation:172162

      1. (a) made to a person in their capacity as an investor or potential investor, or in their capacity as agent for an investor or a potential investor;172162
      1. (b) which constitutes a recommendation to them to do any of the following (whether as principal or agent):172162
        1. (i) buy, sell, subscribe for, exchange, redeem, hold or underwrite a particular investment which is a security, a structured deposit or a relevant investment (that is, any designated investment (other than a P2P agreement), funeral plan contract, pure protection contract, general insurance contract, right to or interests in a funeral plan contract or structured deposit); or172162
        1. (ii) exercise or not exercise any right conferred by such a relevant investment to buy, sell, subscribe for, exchange or redeem such an investment;172162
      1. (c) that is:172162
        1. (i) presented as suitable for the person to whom it is made; or172162
        1. (ii) based on a consideration of the circumstances of that person; and172162
      1. (d) that is not issued exclusively to the public.172162

    [Note: article 9 of the MiFID Org Regulation and article 53(1C) and 53(1D) of the Regulated Activities Order]172162

    For the purposes of this definition, references in the Handbook to making personal recommendations on, or in relation to, P2P agreements should be understood as referring to making personal recommendations involving advice on P2P agreements.140