Part III Authorisation and Exemption
Exemption
38 Exemption orders.
(1)
The Treasury may by order (“an exemption order”) provide for—
(a)
specified persons, or
(b)
persons falling within a specified class,
to be exempt from the general prohibition.
(2)
But a person cannot be an exempt person as a result of an exemption order if he has a F1Part 4A permission.
(3)
An exemption order may provide for an exemption to have effect—
(a)
in respect of all regulated activities;
(b)
in respect of one or more specified regulated activities;
(c)
only in specified circumstances;
(d)
only in relation to specified functions;
(e)
subject to conditions.
(4)
“Specified” means specified by the exemption order.