Regulation 35

any specified product to any of the following:

an expert investor; (ii)an accredited investor; (iii)an ex-accredited investor who is an existing customer of the licensed financial adviser or exempt financial adviser (as the case may be) but only in respect of the sending of any circular or other similar written communication in which a recommendation is made by the licensed financial adviser, the exempt financial adviser, or any of its appointed or provisional representatives in the period from 8 October 2018 to 7 April 2019 (both dates inclusive); or

any Government securities.

an institutional investor;

a related corporation of the licensed financial adviser or exempt financial adviser, as the case may be;

a person who is connected to the licensed financial adviser or exempt financial adviser, as the case may be; or

an approved headquarters company or approved Finance and Treasury Centre which carries on business involving the provision of all or any type of financial advisory service, where such business has been approved as a qualifying service in relation to that headquarters company or Finance and Treasury Centre under section 43D(2)(a) or 43E(2)(a) of the Income Tax Act 1947, as the case may be.