6. In section 86(7) M1 (exempt offers to the public) for subsection (d) substitute—
“(d)a person whom—
(i)any relevant firm was authorised to continue to treat as a professional client immediately before 3 January 2018by virtue of Article 71.6 (transitional provisions) of Directive 2004/39/EC on markets in financial instruments M2; and
(ii)the firm may continue to treat as a professional client from 3 January 2018 by virtue of Section II.2 of Annex II to the markets in financial instruments directive.”.
Marginal Citations
M1Section 86(7) was inserted S.I. 2005/1433 and amended by S.I. 2012/1538.
M2OJ L145 30.4.2004 p.1.