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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
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327. Exemption from the general prohibition

(1) The general prohibition does not apply to the carrying on of a regulated activity by a person ("P") if -

(a) the conditions set out in subsections (2) to (7) are satisfied;

(aa) where the activity is the provision of a service listed in Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 relating to a financial instrument, the condition set out in subsection (7A) is also satisfied; and

(b) there is not in force -

(i) a direction under section 328, or

(ii) an order under section 329,

which prevents this subsection from applying to the carrying on of that activity by him.

(2) P must be -

(a) a member of a profession; or

(b) controlled or managed by one or more such members.

(3) P must not receive from a person other than his client any pecuniary reward or other advantage, for which he does not account to his client, arising out of his carrying on of any of the activities.

(4) The manner of the provision by P of any service in the cour

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