[Note: article 19(2) of MiFID]
In the case of a financial promotion that relates to the firm's MiFID or equivalent third country business, this rule does not apply to the extent that a financial promotion is a third party prospectus.
In the case of a financial promotion that does not relate to the firm's MiFID or equivalent third country business, this rule applies to communicating or approving a financial promotion but does not apply:
to the extent that it is an excluded communication;
to the extent that it is a prospectus advertisement to which PR 3.3 applies;
if it is image advertising;
if it is a non-retail communication;