29. Annual accounts and Directors' report

(1) If the requirements in sub-paragraphs (2) to (5) are met, the Financial Promotion Restriction does not apply to any communication by a Body Corporate which —
(a) consists of, or is accompanied by, the whole or any part of the annual accounts of a Body Corporate; or
(b) is accompanied by any report which is prepared and approved by the Directors of such a Body Corporate under sections 400 (Duty to prepare Directors' report) and 404 (Approval and signing of Directors' report) of the Companies Regulations 2015;
(2) The requirements of this paragraph are that the communication —
(a) does not contain any invitation to persons to underwrite, subscribe for, or otherwise acquire or dispose of, a Specified Investment; and
(b) does not advise persons to engage in any of the activities within sub-paragraph (a).
(3) The requirements of this paragraph are that the communication does not contain any invitation to persons to make use of any services provided by that Body Corporate (or by any named person) in the course of carrying on such activity.
(4) The requirements of this paragraph are that the communication does not contain any inducement relating to an investment other than one issued, or to be issued, by the Body Corporate (or another Body Corporate in the same Group) which falls within —
(a) paragraph 87, 88 or 89 of Schedule 1; or
(b) paragraph 91 or 92 of that Schedule, so far as relating to any investments within sub-paragraph (a).
(5) The requirements of this paragraph are that the communication does not contain any reference to —
(a) the price at which investments issued by the Body Corporate have in the past been bought or sold; or
(b) the yield on such investments;
unless it is also accompanied by an indication that past performance cannot be relied on as a guide to future performance.
(6) For the purposes of sub-paragraph (5)(b), 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.
(7) "Annual accounts" means accounts of a description specified by the Regulator in Rules made by the Regulator.