4(in accordance with section 39 of the Act (other than an authorised person) who:
- (a) is a party to a contract with an authorised person (his principal) which:
- (i) permits or requires him to carry on business of a description prescribed in the Appointed Representatives Regulations; and
- (ii) complies with such requirements as are prescribed in those Regulations; and
- (b) is someone for whose activities in carrying on the whole or part of that business his principal has accepted responsibility in writing;
and who is therefore an exempt person in relation to any regulated activity comprised in the carrying on of that business for which his principal has accepted responsibility.