Section 59

For the purposes of this Part, a “professional intermediary” is a person— who carries on a business consisting of an activity mentioned in subsection (2) and who holds himself out to the public or any section of the public (including a section of the public constituted by persons such as himself) as willing to engage in any such business; or who is employed by a person falling within paragraph (a) to carry out any such activity. The activities referred to in subsection (1) are— acquiring or disposing of securities (whether as principal or agent); or acting as an intermediary between persons taking part in any dealing in securities. A person is not to be treated as carrying on a business consisting of an activity mentioned in subsection (2)— if the activity in question is merely incidental to some other activity not falling within subsection (2); or merely because he occasionally conducts one of those activities. For the purposes of section 52, a person dealing in securities relies on a professional intermediary if and only if a person who is acting as a professional intermediary carries out an activity mentioned in subsection (2) in relation to that dealing.

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Source: legislation.gov.uk · retrieved 2026-09-04