(1) An activity of the kind specified by article 37 of the Regulated Activities Order (managing investments) in so far as it consists of buying or subscribing for a security, contractually based investment or structured deposit.

(2) Paragraph (1) does not apply -

(a) if all routine or day to day decisions, so far as relating to that activity, are taken by an authorised person with permission to carry on that activity or by a person who is an exempt person in relation to such an activity; or

(b) to an activity undertaken in accordance with the advice of an authorised person with permission to give advice in relation to such an activity or a person who is an exempt person in relation to the giving of such advice.