38 Exemption orders
38 Exemption orders

(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.