(1) Subject to paragraph (2), "consumer composite investment" means -
(a) an investment,
(b) a contract of insurance, or
(c) any right to or interest in anything listed in sub-paragraphs (a) or (b),
where the value or amount payable to the investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets which are not directly purchased by the investor.
(2) The following are excluded from the definition of consumer composite investment -
(a) a contract of long-term insurance where the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;
(b) deposits other than structured deposits (as defined in Article 2(1)(23) of the markets in financial instruments regulation [The definition of "structured deposit" was substituted by S.I. 2018/1403.]);
(c) non-equity transferable securities issued by -
(i) the government of any country or territory,
(ii) a local or regional authori
…