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(a) in regulation 2, the existing text is numbered as paragraph (1);

(b) at the beginning of that paragraph insert "Subject to paragraph (2),";

(c) after that paragraph insert - 

    " (2) Paragraph (1) does not prescribe any business to the extent that it comprises the provision by an investment firm of a service specified in paragraph 1(a) of Section A of the Annex to the investment services directive (reception and transmission of orders), unless that activity is carried on solely for the account of another investment firm.

    (3) In paragraph (2), "investment firm" means a person whose regular occupation or business is the provision of core investment services (that is to say, services listed in Section A of the Annex to the investment services directive) to third parties on a professional basis, other than a person to whom that directive does not apply by virtue of Article 2.2 of that directive.".

Nick Ainger

Tony McNulty
Two of the Lords Commissioners of Her Majesty's Treasury

12th July 2001

[2] 2000 c. 8.back

[3] S.I. 2001/1217.back

 © Crown copyright 2001