Part III Authorisation and Exemption

Exemption

38 Exemption orders.

1

The Treasury may by order (“an exemption order”) provide for—

a

specified persons, or

b

persons falling within a specified class,

to be exempt from the general prohibition.

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But a person cannot be an exempt person as a result of an exemption order if he has a Part IV permission.

3

An exemption order may provide for an exemption to have effect—

a

in respect of all regulated activities;

b

in respect of one or more specified regulated activities;

c

only in specified circumstances;

d

only in relation to specified functions;

e

subject to conditions.

4

“Specified” means specified by the exemption order.