A person does not carry on an activity of the kind specified by article 40 if the person carries on the activity in relation to -
(a) a UK UCITS, and the person has a Part 4A permission to carry on the activity specified in article 51ZB in respect of that UCITS; or
(b) an AIF, and the person has a Part 4A permission to carry on the activity specified in article 51ZD in respect of that AIF.