inter-professional business
- (a) when it carries on:
- (i) regulated activities; or
- (ii) related ancillary activities;
- (B) dealing in investments as agent; or
- (C) acting as an arranger; or
- (D) giving transaction-specific advice or agreeing to do so;
- (I) in or in respect of an inter-professional investment;
- (III) carried on from an establishment maintained by the firm in the United Kingdom;
- (b) but excluding the carrying on of the following activities:
- (i) the approval by a firm of a financial promotion;
- (ii) activities carried on between operators, or between operators and depositaries, of the same collective investment scheme (when acting in that capacity);
- (iii) corporate finance business;
- (v) concluding a distance contract with a68 consumer 68 ;25
- (vi) activities relating to life policies;30
in this definition, the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc) is to be disregarded in determining whether dealing in investments as principal or agreeing to do so) is a regulated activity.