(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;
(d) relates only to instruments of a class which consists of or includes either the bearer instruments to which the communication relates or instruments in respect of which those bearer instruments confer rights; and
(e) is capable of being accepted or acted on only by persons who are entitled to instruments (whether or not bearer instruments) issued by A, a parent undertaking of A or a subsidiary undertaking of A.
(2) "Bearer instruments" has the meaning given by article 41.
(3) For the purposes of this article, an instrument falling within paragraph 17 or 18 of Sched
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