1. The Act is amended as follows.
Amendments to Part 3 (authorisation and exemption)
(1) Section 39 (exemption of appointed representatives) is amended as follows.
(2) In subsection (1ZA) [Subsection (1ZA) was inserted by S.I. 2015/910.] after "(1A)" insert ", (1AA)".
(3) In the opening words of subsection (1A)(a) [Subsection (1A) was inserted by S.I. 2007/126 and amended by S.I. 2015/910.] for "or a credit institution" substitute ", a credit institution, or a person mentioned in Article 3.1 (optional exemptions) of the markets in financial instruments directive".
(4) After subsection (1A) insert -
"(1AA) This subsection applies to a person -
(a) if the person's principal is an investment firm or a credit institution, and
(b) so far as the business for which the person's principal has accepted responsibility is selling, or advising clients on, structured deposits as defined by Article 4.1.43 (definitions) of the markets in financial instruments directive,
unless th
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