PART 2Exempt and third-country investment firms
CHAPTER 1Exempt investment firms
Meaning of “exempt investment firm” in Chapter 18
In this Chapter “exempt investment firm” means an authorised person who—
a
is an investment firm; and
b
has a Part 4A permission;
but to whom Title II of the markets in financial instruments directive does not apply by virtue of Article 3 of the markets in financial instruments directive.