FUNDS 5.1.3

(1) A Person does not make an Offer of a Unit if that Person is an Authorised Person and it undertakes a Transaction in relation to a Unit of a Fund if the Transaction is:
(a) an Execution-Only Transaction undertaken for or on behalf of a Client;
(b) a trade executed for or on behalf of a Client in accordance with a Discretionary Portfolio Management Agreement entered into with that Client; or
(c) effected with the Fund Manager of a Fund for the purposes of redeeming a Unit of that Fund for or on behalf of a Client.