Section 38

The Treasury may by order (“an exemption order”) provide for— to be exempt from the general prohibition. specified persons, or persons falling within a specified class, But a person cannot be an exempt person as a result of an exemption order if he has a Part 4A permission. An exemption order may provide for an exemption to have effect— in respect of all regulated activities; in respect of one or more specified regulated activities; only in specified circumstances; only in relation to specified functions; subject to conditions. “Specified” means specified by the exemption order.

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Source: legislation.gov.uk · retrieved 2026-09-04