PART VIExempt Communications: Certain Controlled Activities
Beneficiaries of trust, will or intestacy54
The financial promotion restriction does not apply to any communication which is made—
a
between a person when acting as a settlor or grantor of a trust, trustee or personal representative and a beneficiary under the trust, will or intestacy; or
b
between a beneficiary under a trust, will or intestacy and another beneficiary under the same trust, will or intestacy,
if the communication relates to the management or distribution of that trust fund or estate.