41.—(1) There are excluded from article 40 any activities which a person carries on pursuant to arrangements which—
(a)are ones under which a qualifying custodian undertakes to the person to whom the assets belong a responsibility in respect of the assets which is no less onerous than the qualifying custodian would have if the qualifying custodian were safeguarding and administering the assets; and
(b)are operated by the qualifying custodian in the course of carrying on in the United Kingdom an activity of the kind specified by article 40.
(2) In paragraph (1), “qualifying custodian” means a person who is—
(a)an authorised person who has permission to carry on an activity of the kind specified by article 40, or
(b)an exempt person acting in the course of a business comprising a regulated activity in relation to which he is exempt.