Article 3 Exemption of network providers

A person who engages in an activity within paragraph 16A of Schedule 1 to the Financial Services Act 1986^f1 in the course of providing a network, the purpose of which is to carry dematerialised instructions which are at all times properly authenticated, is an exempted person as respects an activity falling within that paragraph of that Schedule in which he engages as a necessary part of his provision of that network.