The financial promotion restriction does not apply to any communication which -

(a) is a non-real time communication or a solicited real time communication;

(b) is communicated by and relates only to controlled investments issued, or to be issued, by -

(i) any government;

(ii) any local authority (in the United Kingdom or elsewhere) except for a communication which relates to a regulated credit agreement (within the meaning given in article 60B ["The Regulated Activities Order" is defined by article 2(1) of S.I. 2005/1529 as meaning the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544). Article 60B of S.I. 2001/544 inserted by S.I. 2013/1881.] of the Regulated Activities Order (regulated credit agreements)) where entering into the agreement, or exercising or having the right to exercise rights under the agreement, constitutes the carrying on of a regulated activity of the kind specified by article 60B of the Regulated Activities Order and the exclusion in article 72G of that Order (local authorities) [Article 72G of S.I. 2001/544 inserted by S.I. 2014/366] does not apply;

(iii) any international organisation;

(iv) the Bank of England;