13 Advertisements by trustees or personal representatives
Section 57 of the Act shall not apply to an investment advertisement issued or caused to be issued by a person when acting as a trustee or a personal representative to—
(a) a fellow trustee or personal representative if the advertisement is issued for the purposes of the trust or estate; or
(b) a beneficiary under the trust, will or intestacy if the advertisement concerns his interest in the trust fund or estate.