(1) The scheme promotion restriction does not apply in relation to a scheme constituted by an authorised Northern Ireland open-ended investment company.

(2) In this article -

(a) "authorised Northern Ireland open-ended investment company" means a body incorporated by virtue of regulations made under section 1 of the Open-Ended Investment Companies Act (Northern Ireland) 2002 [Act of the Northern Ireland Assembly; 2002 c. 13.] in respect of which an authorisation order is in force; and

(b) "authorisation order" means an order made under (or having effect as made under) any provision of those regulations which is made by virtue of section 1(2)(1) of that Act (provision corresponding to Chapter 3 of Part 17 of the Act).