(1) An entity is exempt from the moratorium provisions in respect of the acquisition of, or offers to acquire, securities, if those acquisitions or offers are made by an investment manager acting on behalf of the entity without the direction or prior knowledge of the entity.
(2) Subsection (1) does not apply to an investment manager acting as principal.
(3) An entity is exempt from the moratorium provisions in respect of any acquisitions of, or offers to acquire, securities made solely in its capacity as an approved specialist, or market maker, recognized by a stock exchange or an over-the-counter market that represents a published market for the securities.
(4) An eligible institutional investor is exempt from the moratorium provisions in respect of securities of a reporting issuer at any time in which
(a) the eligible institutional investor is using the exemption in section 4.1 in connection with filings relating to securities of that reporting issuer; or
(b) the eligible institutional investor is subject to the restrictions contained in section 4.4.