66.—(1) A person (“X”) does not carry on an activity of the kind specified by article 14 where he enters into a transaction as bare trustee or, in Scotland, as nominee for another person (“Y”) and—
(a)X is acting on Y’s instructions; and
(b)X does not hold himself out as providing a service of buying and selling securities or contractually based investments.
(2) Subject to paragraph (7), there are excluded from article 25(1) and (2) arrangements made by a person acting as trustee or personal representative for or with a view to a transaction which is or is to be entered into—
(a)by that person and a fellow trustee or personal representative (acting in their capacity as such); or
(b)by a beneficiary under the trust, will or intestacy.
(3) Subject to paragraph (7), there is excluded from article 37 any activity carried on by a person acting as trustee or personal representative, unless—
(a)he holds himself out as providing a service comprising an activity of the kind specified by article 37; or
(b)the assets in question are held for the purposes of an occupational pension scheme, and, by virtue of article 4 of the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 (1), he is to be treated as carrying on that activity by way of business.
(4) Subject to paragraph (7), there is excluded from article 40 any activity carried on by a person acting as trustee or personal representative, unless he holds himself out as providing a service comprising an activity of the kind specified by article 40.
(5) A person does not, by sending or causing to be sent a dematerialised instruction (within the meaning of article 45), carry on an activity of the kind specified by that article if the instruction relates to an investment which that person holds as trustee or personal representative.
(6) Subject to paragraph (7), there is excluded from article 53 the giving of advice by a person acting as trustee or personal representative where he gives the advice to—
(a)a fellow trustee or personal representative for the purposes of the trust or the estate; or
(b)a beneficiary under the trust, will or intestacy concerning his interest in the trust fund or estate.
(7) Paragraphs (2), (3), (4) and (6) do not apply if the person carrying on the activity is remunerated for what he does in addition to any remuneration he receives as trustee or personal representative, and for these purposes a person is not to be regarded as receiving additional remuneration merely because his remuneration is calculated by reference to time spent.
S.I. 2001/.