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excluded communication

    40the following types of 46financial promotion46 (a firm may rely on more than one of the paragraphs in relation to the same financial promotion):

      1. (a) a financial promotion that would benefit from an exemption in the Financial Promotion Order if it were communicated by an unauthorised person, or which originates outside the United Kingdom and is not capable of having an effect in the United Kingdom (within the meaning of s.21(3) of the Act);
      1. (b) a financial promotion from outside the United Kingdom that would be exempt under articles 30, 31, 32 or 33 of the Financial Promotion Order (Overseas communicators) if the office from which the financial promotion is communicated were a separate unauthorised person;
      1. (c) a financial promotion that is subject to, or exempted from, the Takeover Code137;
      1. (d) a personal quotation or illustration form;46
      1. (e) a "one-off" financial promotion that is not a cold call. If the conditions set out in (i) to (iii), below, are satisfied, a financial promotion is "one-off". If not, the fact that any one or more of these conditions is met is to be taken into account in determining if a financial promotion is "one-off". However, a financial promotion may be regarded as "one-off" even if none of the conditions are met. The conditions are that:
        1. (i) the financial promotion is communicated only to one recipient or only to one group of recipients in the expectation that they would engage in any investment activity jointly;
        1. (ii) the identity of the product or service to which the financial promotion relates has been determined having regard to the particular circumstances of the recipient;
        1. (iii) the financial promotion is not part of an organised marketing campaign46; or46
      1. (f) a communication that is exempted by the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001.46