(1)The financial promotion restriction does not apply to any non-real time communication or solicited real time communication which -
(a) is made to an association, or to a member of an association, the membership of which the person making the communication believes on reasonable grounds comprises wholly or predominantly persons who are -
(i) high net worth individuals within the meaning of article 48;
(ii) high net worth persons falling within article 49(2)(a) to (d);
(iii) certified or self-certified sophisticated investors within the meaning of article 50 or 50A; and
(b) relates only to an investment under the terms of which a person cannot incur a liability or obligation to pay or contribute more than he commits by way of investment.
(2) The exemption in paragraph (1) does not apply if the communication relates to a qualifying cryptoasset.