In article 4 [Article 4(4) was amended by S.I. 2002/682 and 2005/1518.] (specified activities: general) -
(a) for paragraph (4) substitute -
"(4) Where an investment firm or credit institution -
(a) provides or performs investment services and activities on a professional basis, and
(b) in doing so would be treated as carrying on an activity of a kind specified by a provision of this Part but for an exclusion in any of articles 15, 16, 19, 22, 23, 29, 38, 67, 68, 69, 70 and 72E,
that exclusion is to be disregarded and, accordingly, the investment firm or credit institution is to be treated as carrying on an activity of the kind specified by the provision in question.";
(b) in paragraph (5) [Article 4(5) was amended by S.I. 2003/1476.] omit the definitions of "core investment service" and "investment firm".