(1) 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 a body corporate ("A") that is not an open-ended investment company;

(c) is made to or may reasonably be regarded as directed at persons entitled to bearer instruments issued by A, a parent undertaking of A or a subsidiary undertaking of A; and

(d) is required or permitted by the rules of a relevant market to be communicated to holders of instruments of a class which consists of or includes the bearer instruments in question.

(2) "Bearer instrument" means any of the following investments title to which is capable of being transferred by delivery -

(a) any investment falling within paragraph 14, 15 or 15A of Schedule 1;

(b) any investment falling within paragraph 17 or 18 of that Schedule which confers rights in respect of an investment falling within paragraph 14, 15 or 15A.