(1) The financial promotion restriction does not apply to any non-real time communication or solicited real time communication which is communicated -
(a) by, or on behalf of, a body corporate ("A") that is not an open-ended investment company; and
(b) to persons whom the person making or directing the communication believes on reasonable grounds to be persons to whom paragraph (2) applies,
and which relates only to a relevant investment which is issued or to be issued by A, or by an undertaking ("U") in the same group as A that is not an open-ended investment company.
(2) This paragraph applies to -
(a) a creditor or member of A or of U;
(b) a person who is entitled to a relevant investment which is issued, or to be issued, by A or by U;
(c) a person who is entitled, whether conditionally or unconditionally, to become a member of A or of U but who has not yet done so;
(d) a person who is entitled, whether conditionally or unconditionally, to have transferred to him title to a relevant
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