PART II SPECIFIED ACTIVITIES

Chapter VIIManaging Investments

Exclusions

Attorneys38

F31

A person does not carry on an activity of the kind specified by article 37 if—

a

he is a person appointed to manage the assets in question under a power of attorney; and

b

all routine or day-to-day decisions, so far as relating to investments of a kind mentioned in article 37(a), are taken on behalf of that person by—

i

an authorised person with permission to carry on activities of the kind specified by article 37; F1...

ii

a person who is an exempt person in relation to activities of that kind F2; or

iii

an overseas person.

F42

This article is subject to article 4(4).