(1) These Regulations do not apply to the following persons when carrying out any of the following activities -
(a) a society registered under the Industrial and Provident Societies Act 1965 [1965 c. 12.], when it -
(i) issues withdrawable share capital within the limit set by section 6 of that Act (maximum shareholding in society); or
(ii) accepts deposits from the public within the limit set by section 7(3) of that Act (carrying on of banking by societies);
(b) a society registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 [1969 c. 24 (N.I.).], when it -
(i) issues withdrawable share capital within the limit set by section 6 of that Act (maximum shareholding in society); or
(ii) accepts deposits from the public within the limit set by section 7(3) of that Act (carrying on of banking by societies);
(c) a person who is (or falls within a class of persons) specified in any of paragraphs 2 to 23, 25 to 38 or 40 to 49 of the Schedule to the Financial Se