(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 [Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001] 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,
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