(1) In these Regulations, "private person" means - (a) any individual, unless he suffers the loss in question in the course of carrying on - (i) any regulated activity; or (ii) any activity which would be a regulated activity apart from any exclusion made by article 72 (overseas persons) of the Regulated Activities Order; (b) any person who is not an individual, unless he suffers the loss in question in the course of carrying on business of any kind; (c) a relevant recipient of credit (within the meaning of the Regulated Activities Order) who is not an individual and who has suffered the loss in question in connection with an activity of the kind specified by article 36A, 39D, 39E, 39F, 39G, 60B, 60N, 89A or 89B of that Order or article 64 of that Order so far as relevant to any of those activities; and