22. Members and creditors of Bodies Corporate
(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 or member of the Group of such Body Corporate ("A"); and
(b) to persons whom the person making or directing the communication believes on reasonable grounds to be persons to whom sub-paragraph (2) applies;
and which relates only to a Relevant Security which is issued or to be issued by A, or by an undertaking ("U") in the same Group as A.
(2) This paragraph applies to —
(a) a creditor or member of A or of U;
(b) a person who is entitled to a Relevant Security 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 Security which is issued by A or by U but has not yet acquired title to the Security.
(3) For the purposes of this paragraph, a Security falling within paragraph 91 or 92 of Schedule 1 is treated as issued by the person ("P") who issued the Security in respect of which the Security 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.