PART II SPECIFIED ACTIVITIES
Chapter VIIManaging Investments
Exclusions
Attorneys38
F51
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.
F62
This article is subject to article 4(4).
Other exclusions39
Article 37 is also subject to the exclusions in articles 66 (trustees etc.), 68 (sale of goods and supply of services)F3, 69 (groups and joint enterprises)F4, 72A (information society services)F7, 72AA (managers of UCITS and AIFs)F8, 72C (provision of information about contracts of insurance on an incidental basis) and 72H (insolvency practitioners).