exempt CAD firm

21(in accordance with Article 2(2) of the Capital Adequacy Directive (Definitions)) a firm that satisfies the following conditions:

1. (a) it is an ISD investment firm;
2. (b) it is not an insurer, a bank, a building society or an ELMI;
3. (c) its permission is subject to a limitation or requirement preventing it from holding client money or clients' assets and for that reason it may not at any time place itself in debit with its clients; and
4. (d) the only core investment service for which it has permission is receiving and transmitting on behalf of investors orders in relation to one or more of the instruments listed in Section B of the Annex to the ISD.