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3A business is not in the regulated sector to the extent that it engages in any of the following activities—
(a)the issue of withdrawable share capital within the limit set by section 6 of the Industrial and Provident Societies Act 1965 (c. 12) by a society registered under that Act;
(b)the acceptance of deposits from the public within the limit set by section 7(3) of that Act by such a society;
(c)the issue of withdrawable share capital within the limit set by section 6 of the Industrial and Provident Societies Act (Northern Ireland) 1969 by a society registered under that Act;
(d)the acceptance of deposits from the public within the limit set by section 7(3) of that Act by such a society;
(e)activities carried on by the Bank of England;
(f)any activity in respect of which an exemption order under section 38 of the Financial Services and Markets Act 2000 has effect if it is carried on by a person who is for the time being specified in the order or falls within a class of persons so specified.
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