(1) These Regulations do not apply to any of the following:
(a) insurance undertakings as defined in Article 1 of Directive 73/239/EEC, assurance undertakings as defined in Article 1 of Directive 2002/83/EC, or reinsurance undertakings as defined in Directive 2005/68/EC;
(b) persons which provide investment services exclusively for their -
(ii) subsidiaries, or
(ii) other subsidiaries of their parent undertakings;
(c) persons who do not provide any investment services or activities other than dealing on own account, unless the persons -
(i) are market makers, or
(ii) deal on own account outside -
(I) a regulated market, or
on an organised, frequent and systematic basis by providing a system accessible to third parties in order to engage in dealings with them;
(d) persons who provide investment services consisting exclusively in the administration of employee-participation schemes;
(e) persons who provide investment services which only involve both a
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