(1) The scheme promotion restriction does not apply to a one off communication which is either a non-real time communication or a solicited real time communication.

(2) If both the conditions set out in paragraph (3) are met in relation to a communication it is to be regarded as a one off communication. In any other case in which either of those conditions is met, that fact is to be taken into account in determining whether the communication is a one off communication (but a communication may still be regarded as a one off communication even if neither of the conditions in paragraph (3) is met).

(3) The conditions are that -

(a) the communication is made only to one recipient or only to one group of recipients in the expectation that they would engage in any investment activity jointly;

(b) the communication is not part of an organised marketing campaign.