(1) The Treasury may by order ("an exemption order") provide for -
(b) persons falling within a specified class,
to be exempt from the general prohibition.
(2) But a person cannot be an exempt person as a result of an exemption order if he has a Part 4A permission.
(3) An exemption order may provide for an exemption to have effect -
(a) in respect of all regulated activities;
(b) in respect of one or more specified regulated activities;
(c) only in specified circumstances;
(d) only in relation to specified functions;
(e) subject to conditions.
(4) "Specified" means specified by the exemption order.