34. Promotions of Financial Instruments already admitted to certain markets
(1) If the requirements of sub-paragraph (2) are met, the Financial Promotion Restriction does not apply to any communication which —
(a) is a non-real time communication or a Solicited Real Time Communication;
(b) is communicated by a Body Corporate or member of the Group of such Body Corporate ("A"); and
(c) relates only to Relevant Securities issued, or to be issued, by A or by another Body Corporate in the same Group;
if Relevant Securities issued by A or by any such Body Corporate are permitted to be traded on a Recognised Investment Exchange.
(2) The requirements of this paragraph are that the communication —
(a) is not, and is not accompanied by, an invitation to Engage in Investment Activity;
(b) is not, and is not accompanied by, an inducement relating to an investment other than one issued, or to be issued, by A (or another Body Corporate in the same Group);
(c) is not, and is not accompanied by, an inducement relating to a Relevant Security which refers to —
(i) the price at which Relevant Securities have been bought or sold in the past; or
(ii) the yield on such Securities;
unless the inducement also contains an indication that past performance cannot be relied on as a guide to future performance.
(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 investment 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.
(4) For the purposes of sub-paragraph (2)(c)(ii), a reference, in relation to an investment, to earnings, dividend or nominal rate of interest payable shall not be taken to be a reference to the yield on the investment.