The Advertising Standards Authority (ASA) received 34 complaints about the ad, which aired in June and also featured a scene in a club of two schoolgirls embracing.
Viewers complained that the ad for the Take Two computer game was sexist, violent, overly explicit and included imagery that was likely to harm children and vulnerable people.
The ad was broadcast after 9pm. Content of a sexual nature was interspersed with action scenes featuring aircraft firing weapons and a character being punched.
Take Two defended the ad, arguing it did not cause serious offence because the game was a "cartoonish, over-the-top, humorous take on the first-person, shooter video game genre and deliberately distanced itself from the ultra realistic, graphic modern war games that dominated the field".
It also claimed the creative was similar to mass-market entertainment including TV, film or music videos.
The ASA noted the post-9pm scheduling restriction meant very young children were unlikely to be exposed to the ad. However, it ruled the "presentation of the women's naked bodies and their very sexual movements and gyrations were overly sexually explicit" for that time of the day.
The ad watchdog also objected to the scene with the characters dressed as schoolgirls, because it appeared to link teenage girls with sexually provocative behaviour.
As a result, the ASA has ruled the ad must now be broadcast after 11pm.
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