PART VIExempt Communications: Certain Controlled Activities
Members and creditors of certain bodies corporate43
1
The financial promotion restriction does not apply to any non-real time communication or solicited real time communication which is communicated—
a
by, or on behalf of, a body corporate (“A”) that is not an open-ended investment company; and
b
to persons whom the person making or directing the communication believes on reasonable grounds to be persons to whom paragraph (2) applies,
and which relates only to a relevant investment which is issued or to be issued by A, or by an undertaking (“U”) in the same group as A that is not an open-ended investment company.
2
This paragraph applies to—
a
a creditor or member of A or of U;
b
a person who is entitled to a relevant investment which is issued, or to be issued, by A or by U;
c
a person who is entitled, whether conditionally or unconditionally, to become a member of A or of U but who has not yet done so;
d
a person who is entitled, whether conditionally or unconditionally, to have transferred to him title to a relevant investment which is issued by A or by U but has not yet acquired title to the investment.
3
“Relevant investment” means—
a
an investment falling within paragraph 14F1, 15 or 15A of Schedule 1;
b
an investment falling within paragraph 17 or 18 of that Schedule so far as relating to any investments within sub-paragraph (a).
4
For the purposes of this article, an investment falling within paragraph 17 or 18 of Schedule 1 is treated as issued by the person (“P”) who issued the investment in respect of which the instrument confers rights if it is issued by—
a
an undertaking in the same group as P; or
b
a person acting on behalf of, or pursuant to arrangements made with, P.