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.