What is included in the exemptions under S21 of the Conduct?

The correct choice highlights that communications under the prospectus directive are included in the exemptions under S21 of the Conduct. This is significant because the prospectus directive governs the requirements for information that must be disclosed when securities are offered to investors, ensuring transparency and compliance with regulations.

The intent behind including these communications in the exemptions is to allow for a framework where information is provided in a standardized format, catering to the needs of investors and ensuring they receive adequate disclosures while navigating investment opportunities. This exemption recognizes that while communication is essential for investor protection, specific guided disclosures under the prospectus directive are already designed to fulfill those obligations effectively.

In contrast, the other options do not align with the specifics of S21 exemptions. Promotions to general investors, for instance, may not fall under the same regulatory framework as the prospectus directive, and may require additional oversight to ensure they comply with advertising standards. Similarly, all promotional materials and mandatory clear disclosures are likely subject to additional regulations designed to protect investors, rather than being exempted under S21. This distinction is crucial as it underscores the regulatory landscape's focus on protecting investors while promoting effective communication of investment opportunities.