(1) A person may apply in accordance with section 55A of the Act for a Part 4A permission to carry on regulated activities as an exempt investment firm.
(2) An authorised person may become entitled to carry on regulated activities as an exempt investment firm only by applying for a variation of his Part 4A permission in accordance with section 55H or 55I of the Act.
(3) For the purposes of this regulation, and regulations 4B and 4C, "exempt investment firm" means an authorised person who -
(a) is an investment firm within the meaning given in Article 4.1.1 of the markets in financial instruments directive, and
but to whom Title II of the markets in financial instruments directive does not apply.
(4) A person may only apply for a Part 4A permission as mentioned in paragraph (1), and an authorised person may only apply for a variation of his Part 4A permission as mentioned in paragraph (2), if the person or authorised person has his relevant office in