(1) An investment firm authorised to -

(a) execute orders on behalf of clients,

(b) deal on own account,

(c) receive and transmit orders, or

(d) do any combination of the foregoing,

may bring about or enter into transactions with eligible counterparties without being obliged to comply with Regulations 31, 32(1) to (11) and (12) to (20), 33, 35 and 36(1) in respect of those transactions or in respect of any ancillary service directly relating to those transactions.

(2) When dealing with eligible counterparties, an investment firm shall -

(a) act honestly, fairly and professionally, and

(b) communicate in a way which is fair, clear and not misleading,

taking into account the nature of the eligible counterparty and its business.

(3) For the purposes of this Regulation the following are eligible counterparties -

(a) investment firms,