44 Safe harbour if certificate given

(1)

The purpose of this clause is to provide certainty (subject to clauses 45 to 46) to—

(a)

an offeror (or other relevant person) that a person is a wholesale investor of the kind referred to in clause 3(2); or

(b)

a provider (or other relevant person) that a person is a wholesale investor of the kind referred to in clause 36(b)(i) to (iv).

(2)

A person (A) must be treated as being a wholesale investor as referred to in subclause (1)(a) or (b) (as the case may be) if A—

(a)

certifies in writing that A—

(i)

is a wholesale investor within the meaning of clause 3(2) or 36(b) (as the case may be); and

(ii)

understands the consequences of certifying himself, herself, or itself to be a wholesale investor; and

(b)

states in the certificate—

(i)

the paragraph in clause 3(2) or the subparagraph in clause 36(b) that is claimed to apply to A; and

(ii)

the grounds on which A claims that the paragraph or subparagraph applies; and

(c)

gives a copy of the certificate to the offeror, provider, or other relevant person.

(3)

A certificate under this clause ceases to be effective for the purposes of subclause (2) on the date that is 2 years after the date on which it was given.