(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.
(3) For the purposes of this a
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