(1) A person is not to be regarded as carrying on by way of business an activity to which paragraph (2) applies , unless he carries on the business of engaging in one or more such activities.

(2) This paragraph applies to an activity of the kind specified by any of the following provisions of the Regulated Activities Order, namely -

(a) article 14 (dealing in investments as principal);

(b) article 21 (dealing in investments as agent);

(c) article 25 (arranging deals in investments), except in so far as that activity relates to an investment of the kind specified by article 86 of that Order (Lloyd's syndicate capacity and syndicate membership), or article 89 of that Order (rights and interests) so far as relevant to that article;

(ca) article 25D (operating a multilateral trading facility);

(cb) article 25DA (operating an organised trading facility);

(d) article 37 (managing investments);

(e) article 40 (safeguarding and administering investments);