Page 504 - IOM Law Society Rules Book

Regulated Activities Order 2008

(b) is received or transmitted by a person licensed to carry on a regulated
activity falling within Class 2, 3, 4 or 5, and
(c) is held or to be held in a client bank account or trust bank account.

Exclusion 6(d) — Activities incidental to professional services
In the case of an activity falling within paragraph (2) of Class 6, where the
activity —
(a) is carried on by a person who is an accountant, an advocate or a
registered legal practitioner;

(b) is wholly incidental to, or forms part of, advice given or another
professional activity undertaken by that person in his professional
capacity; and
(c) is carried on at the time when, or within a reasonable period after, the
advice is given or the professional activity is undertaken,

unless that person holds himself out as being available to carry on that activity
in addition to his professional services.

Exclusion 6(e) — Activities incidental to provision of goods or services
In the case of an activity falling within paragraph (2) of Class 6, where the
activity —

(a) is carried on by way of business which consists of the provision of
goods or services (not being services the provision of which would,
apart from this exclusion, be a regulated activity), and

(b) is wholly incidental to, or forms part of, the provision of those goods
or services; and

(c) is carried on at the time when, or within a reasonable period after, the
goods or services are provided,
unless that person holds himself out as being available to carry on that activity
in addition to the provision by him of those goods or services.
Exclusion 6(f) — Insurance etc.

In the case of an activity falling within paragraph (2) of Class 6, where the
activity is carried on by a person who is —

(a) authorised under section 6 of the Insurance Act 1986;
(b) the holder of a permit issued under section 25 of that Act;

(c) registered under section 27 of that Act;
(d) the subject of an exemption under section 3(3)(d) of that Act; or

(e) registered as a scheme administrator under section 36(1) of the
Retirement Benefits Schemes Act 2000,

(f) registered as an insurance intermediary under the Insurance
9
Intermediaries (General Business) Act 1996 ,

9
1996 c.4
16