(1) Subject to paragraph (2), any business which comprises -

(za) an activity of the kind specified by article 21 of the Regulated Activities Order (dealing in investments as agent), where the transaction relates to -

(i) a contract of insurance which is not a qualifying contract of insurance or a contract of long-term care insurance; or

(ii) a funeral plan contract.

(zb) an activity of the kind specified by article 24A of the Regulated Activities Order (bidding in emissions auctions), where that activity does not consist either of a person dealing on his own account or of the execution of orders on behalf of clients within the meaning of Part 3 of Schedule 2 to that Order;

(a) an activity of the kind specified by article 25 of that Order (arranging deals in investments), where the arrangements are for or with a view to transactions relating to securities, relevant investments or structured deposits;