Section 14(3)

An order made by the Treasury under section 21(5) of the Act does not apply to a person who, in the course of business, communicates an invitation or inducement to engage in investment activity if— the communication is made in the course of providing investment services or performing investment activities with or without ancillary services to eligible counterparties or clients considered to be professionals; and the person is— established in a country which is subject to an equivalence determination; or permitted to provide those services under Article 46.5 of the markets in financial instruments regulation.

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