- (1) in relation to a person :
- (a) a person acting on his own account;
- (b) (if the person is an appointed representative or, where applicable, a tied agent) the authorised person who is party to a contract with the appointed representative, or who is responsible for the acts of the tied agent, resulting in him being exempt, or in him carrying on a regulated activity to which sections 20(1) and (1A) and 23(1A) of the Act do not apply,116 under section 39 of the Act (Exemption of appointed representatives).
- (2) in relation to an option , future or forward contract:
- (a) (except in the case of an option on a future ) the amount of property or the value of the property which must be delivered in order to satisfy settlement of the option , future or forward contract;