“ Requirements for investment product intermediaries.

27.— A person shall not act as or hold himself out to be an investment product intermediary unless he holds an appointment in writing from each product producer for which he is an intermediary, and unless—

(a) he is a member of any approved representative body specified for this purpose by the supervisory authority whose rules require compliance with the terms of this Act, or

(b) he is a certified person, or

(c) he otherwise complies with the provisions of this Act, and

he effects a policy of professional indemnity insurance in a form specified by the supervisory authority (and different forms may be specified for different classes of person), indemnifying him up to such sum, in such manner, in respect of such matters and valid for such minimum period as the supervisory authority may prescribe from time to time.”.