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) F2, 25A, F525B, 25C,F825E,F439A, 40F353F6, 53A, 53B F9, 53C and 53D any activity which—

a

is carried on in the course of carrying on any profession or business which does not otherwise consist of F1the 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.

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This article is subject to article 4(4) and (4A).