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The Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) Order 1988

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Arrangements made in course of profession or non-investment business

4.—(1) The heading to paragraph 24 of Schedule 1 to the Act shall be amended by the insertion of the words “or arrangements made” after the word “given”.

(2) Paragraph 24(2) of Schedule 1 to the Act shall be deleted and the following substituted—

(2) Paragraph 13 above does not apply to arrangements—

(a)which are made in the course of the carrying on of any profession or of a business not otherwise constituting investment business; and

(b)the making of which is a necessary part of other services provided in the course of carrying on that profession or business.

(3) Advice shall not be regarded as falling within sub-paragraph (1)(b) above and the making of arrangements shall not be regarded as falling within sub-paragraph (2)(b) above if the giving of the advice or the making of the arrangements is remunerated separately from the other advice or services..

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