(1) A person does not carry on an activity of the kind specified by article 37 if -
(a) he is a person appointed to manage the assets in question under a power of attorney; and
(b) all routine or day-to-day decisions, so far as relating to investments of a kind mentioned in article 37(a), are taken on behalf of that person by -
(i) an authorised person with permission to carry on activities of the kind specified by article 37;
(ii) a person who is an exempt person in relation to activities of that kind; or
(iii) an overseas person.
This article is subject to article 4(4).