37.—(1) An Operator, in so far as he carries on any regulated activity for the purposes of the performance of his functions as an Operator under the Uncertificated Securities Regulations 1995(1), other than a regulated activity in respect of which a recognised clearing house is exempt from the general prohibition by virtue of section 285(3) of the Act.
(2) In sub-paragraph (1), “Operator” means a person approved as such by the Treasury under the Uncertificated Securities Regulations 1995.