Exclusions
Attorneys
38. 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; or
(ii)a person who is an exempt person in relation to activities of that kind.
Other exclusions
39. Article 37 is also subject to the exclusions in articles 66 (trustees etc.), 68 (sale of goods and supply of services) and 69 (groups and joint enterprises).