(1) A person ("X") does not carry on an activity of the kind specified by article 14 where he enters into a transaction as bare trustee or, in Scotland, as nominee for another person ("Y") and -
(a) X is acting on Y's instructions; and
(b) X does not hold himself out as providing a service of buying and selling securities or contractually based investments.
(2) Subject to paragraph (7), there are excluded from articles 25(1) and (2), 25A(1), (2) and (2A), 25B(1) and (2), 25C(1) and (2) and 25E(1) and (2) arrangements made by a person acting as trustee or personal representative for or with a view to a transaction which is or is to be entered into -
(a) by that person and a fellow trustee or personal representative (acting in their capacity as such); or
(b) by a beneficiary under the trust, will or intestacy.
(3) Subject to paragraph (7), there is excluded from article 37 any activity carried on by a person acting as trustee or personal representative, unless -
(a) he holds himself out
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