(1) If a person (other than an authorised person)—
(a) is a party to a contract with an authorised person (“his principal”) which—
(i) permits or requires him to carry on business of a prescribed description, and
(ii) complies with such requirements as may be prescribed, and
(b) is someone for whose activities in carrying on the whole or part of that business his principal has accepted responsibility in writing,
he is exempt from the general prohibition in relation to any regulated activity comprised in the carrying on of that business for which his principal has accepted responsibility.
[(1ZA) But a person is not exempt as a result of subsection (1) if subsection (1A)[, (1AA)] or (1BA) applies to the person.]
[(1A) [This subsection applies to a person]—
(a) if his principal is an investment firm[, a [qualifying credit institution], or] [a firm which has a Part 4A permission to carry on regulated activities as an exempt investment firm within the meaning of regulation 8 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701)], and
(b) so far as the business for which his principal has accepted responsibility is investment services business,
unless he is entered on the applicable register.
[(1AA) This subsection applies to a person—
(a) if the person's principal is an investment firm or a [qualifying credit institution], and
(b) so far as the business for which the person's principal has accepted responsibility is selling, or advising clients on, structured deposits . . .,
unless the person is entered on
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