(1) An authorised person must not communicate an invitation or inducement to participate in a collective investment scheme.
(2) But that is subject to the following provisions of this section and to section 239.
(3) Subsection (1) applies in the case of a communication originating outside the United Kingdom only if the communication is capable of having an effect in the United Kingdom.
(4) Subsection (1) does not apply in relation to—
(a) an authorised unit trust scheme;
[(aa) an authorised contractual scheme;]
(b) a scheme constituted by an authorised open-ended investment company; or
(c) a recognised scheme.
(5) Subsection (1) does not apply to
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