Article 12 Exemption from the Act
(1)
Subject to paragraph (2), a person to whom this article applies is to be treated as an exempt personf1.
(2)
If a person to whom this article applies is already an authorised person, they are to be treated as exempt from the application of section 20 (authorised persons acting without permission) of the Actf2.
(3)
An exemption under this article has effect only in respect of regulated activities as set out in article 13.
Annotations
Footnotes
- f1
-
“Exempt person” is defined in section 417(1) of the Act.
- f2
-
Section 20 was amended by paragraph 2 of Schedule 9 to the Financial Services Act 2012 (c. 21).