PART II SPECIFIED ACTIVITIES
Chapter VIIManaging Investments
Exclusions
Attorneys38.
F1(1)
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; F2...
(ii)
a person who is an exempt person in relation to activities of that kind F3; or
(iii)
an overseas person.
F4(2)
This article is subject to article 4(4).