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Persons exempt in respect of particular regulated activitiesU.K.

5.—(1) Subject to the limitation, if any, expressed in relation to him, each of the persons listed in Part III of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind specified by any of the following provisions of the Regulated Activities Order, or article 64 of that Order (agreeing to carry on specified kinds of activity) so far as relevant to any such activity—

(a)article 14 (dealing in investments as principal);

(b)article 21 (dealing in investments as agent);

(c)article 25 (arranging deals in investments);

[F1(ca)article 25D (operating a multilateral trading facility);]

(d)article 37 (managing investments);

[F2(da)article 39A (assisting in the administration and performance of a contract of insurance);]

(e)article 40 (safeguarding and administering investments);

(f)article 45 (sending dematerialised instructions);

(g)article 51 (establishing etc. a collective investment scheme);

(h)article 52 (establishing etc. a F3... pension scheme);

(i)article 53 (advising on investments).

(2) Subject to the limitation, if any, expressed in relation to him, each of the persons listed in Part IV of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind referred to in relation to him, or an activity of the kind specified by article 64 of the Regulated Activities Order so far as relevant to any such activity.