PART IISPECIFIED 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), 40 and 53 any activity which—

a

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