(1) A regulated activity included in those which a person is permitted to carry on by virtue of regulation 34 is one -

(a) which is necessary for the performance of a pre-existing contract,

(b) which is a carried on for the purposes of performing such a contract,

(b) which is not a regulated activity the person is authorised to carry on by virtue of section 31(1)(a) of the 2000 Act, and

(c) to which paragraph (2) applies.

(2) This paragraph applies to a regulated activity -