(1) An authorised person must not communicate an invitation or inducement to participate in a collective investment scheme.
(2) But that is subject to the following provisions of this section and to section 239.
(3) Subsection (1) applies in the case of a communication originating outside the United Kingdom only if the communication is capable of having an effect in the United Kingdom.
(4) Subsection (1) does not apply in relation to -
(a) an authorised unit trust scheme;
(aa) an authorised contractual scheme;
(b) a scheme constituted by an authorised open-ended investment company; or
(5) Subsection (1) does not apply to anything done in accordance with rules made by the FCA for the purpose of exempting from that subsection the promotion otherwise than to the general public of schemes of specified descriptions.
(6) The Treasury may by order specify circumstances in which subsection (1) does not apply.
(7) An order under subsection (6) may, in particular, provi
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