PART VIExempt Communications: Certain Controlled Activities
Associations of high net worth or sophisticated investors51
F11
The financial promotion restriction does not apply to any non-real time communication or solicited real time communication which—
a
is made to an association, or to a member of an association, the membership of which the person making the communication believes on reasonable grounds comprises wholly or predominantly persons who are—
i
F3... high net worth individuals within the meaning of article 48;
ii
high net worth persons falling within article 49(2)(a) to (d);
iii
certified or self-certified sophisticated investors within the meaning of article 50 or 50A; and
b
relates only to an investment under the terms of which a person cannot incur a liability or obligation to pay or contribute more than he commits by way of investment.
F22
The exemption in paragraph (1) does not apply if the communication relates to a qualifying cryptoasset.