Part III

Authorisation and Exemption

Exemption

Exemption orders
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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 Part IV 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.