(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 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.
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