12. Communications by and to journalists
Past version: effective from 20/10/2015 - 19/10/2015
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(1) Subject to sub-paragraph (2), the Financial Promotion Restriction does not apply to any non-real time communication if —
(a) the content of the communication is devised by a person acting in the capacity of a journalist;
(b) the communication is contained in a qualifying publication; and
(c) in the case of a communication requiring disclosure, one of the conditions in sub-paragraph (2) is met.
(2) The conditions in this paragraph are that —
(a) the communication is accompanied by an indication explaining the nature of the author's financial interest or that of a member of his family (as the case may be);
(b) the authors are subject to proper systems and procedures which prevent the Publication of communications requiring disclosure without the explanation referred to in sub-paragraph (a); or
(c) the qualifying publication in which the communication appears falls within the remit of the U.A.E. National Media Council or similar international body.
(3) For the purposes of this paragraph, a communication requires disclosure if —
(a) an author of the communication or a member of his family is likely to obtain a financial benefit or avoid a financial loss if people act in accordance with the invitation or inducement contained in the communication;
(b) the communication relates to a Specified Investment of a kind falling within sub-paragraph (5); and
(c) the communication identifies directly a person who issues or provides the Specified Investment to which the communication relates.
(4) The Financial Promotion Restriction does not apply to any non-real time communication relating to a Specified Investment falling under sub-paragraph (5) if —
(a) the content of the communication is to a person acting in the capacity of a journalist; and
(b) the journalist is employed by the publisher of, or regularly contributes as a freelance to, qualifying publications.
(5) A Specified Investment falls within this paragraph if it is —
(a) an investment falling within paragraph 87 of Schedule 1 (Shares etc.);
(b) an investment falling within paragraph 94 of that Schedule (Options) to acquire or dispose of an investment falling within sub-paragraph (a);
(c) an investment falling within paragraph 95 of that Schedule (Futures) being rights under a contract for the sale of an investment falling within sub-paragraph (a); or
(d) an investment falling within paragraph 96 of that Schedule (Contracts for differences etc.) being rights under a contract relating to, or to fluctuations in, the value or price of an investment falling within sub-paragraph (a).
(6) For the purposes of this paragraph —
(a) the authors of the communication falling under sub-paragraph (1) are the person who devises the content of the communication and the person who is responsible for deciding to include the communication in the qualifying publication;
(b) a "qualifying publication" is a Publication or service of the kind mentioned in paragraph 29(1) or (2) of Schedule 1 and which is of the nature described in that paragraph, and for the purposes of this paragraph, a certificate given under paragraph 29(3) of that Schedule and not revoked is conclusive evidence of the matters certified;
(c) the members of a person's family are his spouse, partner, parent, child or sibling.