The neon advert shows Rolling Stones iconic "tongue and lips" design plastered over a woman's bikini bottoms, however, regulators in charge of authorizing advertising on London's underground and bus stops felt the artwork was not suitable.
The agencies who approve the ads on London's transport network, Clear Channel for bus stops, and Exterion Media for the London underground, then suggested that the lewd logo could be moved up, over the woman's belly button.
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The original poster is expected to be allowed around the rest of the country, and the newly amended poster for London will be running from Monday on the London Underground.
The advertising authority, Clear Channel told CNBC via email that the decision to change the artwork was reached "amicably."
"When we saw the artwork, we suggested to the client that it may not be approved in its current form and they removed the artwork, shifting the mouth slightly further up the body. This decision was reached quickly and amicably," said Matt Walker, head of communications at Clear Channel UK.
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A spokesperson for Transport for London said in a statement that "the advert did not comply with our advertising policy, so our advertising agent requested amendments to it." Exterion Media declined to comment.
Despite its design being challenged, the Exhibitionism artwork has already been posted extensively across the Rolling Stones website, on social media platforms and other promotional websites.