(1) Subject to paragraph (3), a person ("A") does not carry on an activity of the kind specified by article 14 by entering into a transaction which relates to a security or is the assignment (or, in Scotland, the assignation) of a qualifying contract of insurance (or an investment of the kind specified by article 89, so far as relevant to such a contract), unless -
(a) A holds himself out as willing, as principal, to buy, sell or subscribe for investments of the kind to which the transaction relates at prices determined by him generally and continuously rather than in respect of each particular transaction;
(b) A holds himself out as engaging in the business of buying investments of the kind to which the transaction relates, with a view to selling them;
(c) A holds himself out as engaging in the business of underwriting investments of the kind to which the transaction relates; or
(d) A regularly solicits members of the public with the purpose of inducing them, as principals or agents,
…