PART II SPECIFIED ACTIVITIES

Chapter XVIIExclusions Applying to Several Specified Kinds of Activity

Activities carried on in the course of a profession or non-investment business67.

(1)

There is excluded from articles 21, 25(1) and (2)F1, 25A, F239A, 40 F353 and 53A any activity which—

(a)

is carried on in the course of carrying on any profession or business which does not otherwise consist of F4the carrying on of regulated activities in the United Kingdom; and

(b)

may reasonably be regarded as a necessary part of other services provided in the course of that profession or business.

(2)

But the exclusion in paragraph (1) does not apply if the activity in question is remunerated separately from the other services.