PART II SPECIFIED ACTIVITIES
Chapter VIArranging Deals in Investments
Exclusions
Arranging deals with or through authorised personsC1C2C3C5C429
1
There are excluded from F2articles 25(1) and (2), 25A(1) and (2), 25B(1) and (2) and 25C(1) and (2) arrangements made by a person (“A") who is not an authorised person for or with a view to a transaction which is or is to be entered into by a person (“the client") with or though an authorised person if—
a
the transaction is or is to be entered into on advice to the client by an authorised person; or
b
it is clear, in all the circumstances, that the client, in his capacity as an F3investor, borrower, reversion seller, plan provider or (as the case may be) home purchaser, is not seeking and has not sought advice from A as to the merits of the client’s entering into the transaction (or, if the client has sought such advice, A has declined to give it but has recommended that the client seek such advice from an authorised person).
F12
But the exclusion in paragraph (1) does not apply if—
a
the transaction relates, or would relate, to a contract of insurance; or
b
A receives from any person other than the client any pecuniary reward or other advantage, for which he does not account to the client, arising out of his making the arrangements.
F43
This article is subject to article 4(4).