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inter-professional business

    5the business of a firm:

      1. (a) when it carries on:
        1. (i) regulated activities; or
        1. (ii) related ancillary activities;
        to the extent that the regulated activity that the firm is carrying on is:
          1. (A) dealing in investments as principal; or
          1. (B) dealing in investments as agent; or
          1. (C) acting as an arranger; or
          1. (D) giving transaction-specific advice or agreeing to do so;
          but only if that activity is:
          1. (I) in or in respect of an inter-professional investment;
          1. (II) undertaken with or for a market counterparty 14 25 30 ; and
          1. (III) carried on from an establishment maintained by the firm in the United Kingdom;
      1. (b) but excluding the carrying on of the following activities:
        1. (i) the approval by a firm of a financial promotion;
        1. (ii) activities carried on between operators, or between operators and depositaries, of the same collective investment scheme (when acting in that capacity);
        1. (iii) corporate finance business;
        1. (iv) safeguarding and administering investments and agreeing to carry on that regulated activity;
        1. (v) concluding a distance contract with a retail customer ;25
        1. (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.