(1) These Regulations do not apply to any of the following:

(a) insurance undertakings or undertakings carrying out the reinsurance and retrocession activities referred to in Directive 2009/138/EC when carrying out the activities referred to in that Directive and the exemption conferred by this subparagraph is not dependent on the insurance undertaking or other foregoing undertaking meeting the conditions specified in subparagraph (c);

(b) persons which provide investment services exclusively for their -

(i) parent undertakings,

(ii) subsidiaries, or

(iii) other subsidiaries of their parent undertakings;

(c) persons dealing on their own account in financial instruments other than commodity derivatives or emission allowances or derivatives thereof and not providing any other investment services or performing any other investment activities in financial instruments other than commodity derivatives or emission allowances or derivatives thereof, unless the persons -

(i) are market makers,