There are excluded from articles 25(2), 25A(2), 25B(2), 25C(2) and 25E(2) arrangements where -
(a) they are arrangements under which persons ("clients") will be introduced to another person;
(b) the person to whom introductions are to be made is -
(i) an authorised person;
(ii) an exempt person acting in the course of a business comprising a regulated activity in relation to which he is exempt; or
(iii) a person who is not unlawfully carrying on regulated activities in the United Kingdom and whose ordinary business involves him in engaging in an activity of the kind specified by any of articles 14, 21, 25, 25A, 25B, 25C, 25E, 37, 39A, 40, 45, 51ZA, 51ZB, 51ZC, 51ZD, 51ZE, 52, 53, 53A, 53B, 53C and 53D (or, so far as relevant to any of those articles, article 64), or would do so apart from any exclusion from any of those articles made by this Order;
(c) the introduction is made with a view to the provision of independent advice or the independent exercise of discretion in relation to
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