2. Article 3 of the Financial Services Act 1986 (Commencement) (No. 10) Order 1988(1) shall not have effect in relation to—
(a)an open-ended investment company managed in and authorised under the law of Bermuda units in which are, on 31st December 1988, included in the Official List of The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited; or
(b)any prospectus issued by or on behalf of an open-ended investment company which fulfils the conditions described in paragraph (a) of this article, being a prospectus which complies with Chapter II of Part III of the Companies Act 1985(2) or the corresponding provisions of the Companies (Northern Ireland) Order 1986(3) and the issue of which in the United Kingdom does not contravene section 74 or 75 of the Companies Act 1985 or the corresponding provisions of the Companies (Northern Ireland) Order 1986 as the case may be.