A financial instrument which is not specified in Regulation 99 shall be considered as non-complex if it satisfies the following criteria:
(a) it does not fall within paragraph (c) of the definition of "transferable securities" in Regulation 3 or Part 3 of Schedule 1;
(b) there are frequent opportunities to dispose of, redeem, or otherwise realise that instrument at prices that are -
(i) publicly available to market participants, and
(ii) 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) adequately comprehensive information on its characteristics is publicly available and is likely to be readily understood so as to enable the average retail client to make an informed judgment as to whether to enter into a transaction in that instrument.