327 Exemption from the general prohibition
327 Exemption from the general prohibition

(1)     The general prohibition does not apply to the carrying on of a regulated activity by a person (“P”) if—

(a)     the conditions set out in subsections (2) to (7) are satisfied; . . .

[(aa)     where the activity is the provision of a service listed in Section A of Annex 1 of the markets in financial instruments directive relating to a financial instrument, the condition set out in subsection (7A) is also satisfied; and]

(b)     there is not in force—

(i)     a direction under section 328, or

(ii)     an order under section 329,

which prevents this subsection from applying to the carrying on of that activity by him.

(2)     P must be—

(a)     a member of a profession; or

(b)     controlled or managed by one or more such members.