exempt person
(as defined in section 417(1) of the Act (Definitions)) (in relation to a regulated activity) a person who is exempt from the general prohibition in respect of that activity as a result of:
- (a) the Exemption Order; or
- (b) being an appointed representative; or
- (c) section 285(2) or (3) of the Act (Exemption for recognised investment exchanges and clearing houses)4.