Article 12 Limitations on exemptions for small and medium-sized groupsI1

In subsection (2) of section 248 of the Act (exemption for small and medium-sized groups), for paragraphs (b) to (d) substitute—

“(b)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity, or

(c)

a person who carries on an insurance market activity.”.