I have asked 3 different CO's here and got differing answers. One said no, because it is not all-lead. One said yes because it was full caliber and not in a sabot, the seal was just like the PowerBelts. He also allows the Aerolites which have a plastic tip.
The last said he wasn't sure and didn't know if the main office had made an official decision. He wouldn't cite anyone because it wouldn't be worth the effort.
I haven't ever pursued it up the chain, because I really don't know if I want the answer.