The scheme promotion restriction does not apply to any non-real time communication or solicited real time communication which -

(a) is made to an association, or to a member of an association, the membership of which the person making the communication believes on reasonable grounds comprises wholly or predominantly persons who are -

(i) high net worth individuals within the meaning of article 21;

(ii) high net worth persons falling within article 22(2) (a) to (d);

(iii) certified sophisticated investors within the meaning of article 23 or 23A; and

(b) does not invite or induce the recipient to enter into an agreement under the terms of which he can incur a liability or obligation to pay or contribute more than he commits by way of investment.