(a) a non-readily realisable security or non-mass market investment
(other than a unit in an unregulated collective investment scheme)
issued, or to be issued, by a local authority;
(b) a P2P agreement entered, or to be entered, into by a local authority
as borrower;
(c) a P2P portfolio consisting exclusively of agreements entered, or to be
entered, into by one or more local authorities as borrower.