A financial instrument which is not explicitly specified in rule 10A.4.1(2) of the Conduct of Business sourcebook shall be considered as non-complex for the purposes of paragraph (2)(f) of that rule if it satisfies the following criteria:
(a) it does not fall within Article 2(1)(24)(c) of Regulation (EU) No 600/2014 or paragraphs 4 to 11 of Part 1 of Schedule 2 to the Regulated Activities Order;
(b) there are frequent opportunities to dispose of, redeem, or otherwise realise that instrument at prices that are publicly available to market participants and that are either market prices or prices made available, or validated, by valuation systems independent of the issuer;
(c) it does not involve any actual or potential liability for the client that exceeds the cost of acquiring the instrument;
(d) it does not incorporate a clause, condition or trigger that could fundamentally alter the nature or risk of the investment or pay out profile, such as investments that incorporate a right to co
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