(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 credit institution, or a person mentioned in Article 3.1 (optional exemptions) of the markets in financial instruments directive], 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 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 as defined by Article 4.1.43 (definitions) of the markets in financial instruments directive,
unless the person is entered on the applicable register.]
(1B) [In subsections (1A) and (1AA)] the “applicable register” is—
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