Person who is not an Authorised Firm or an Authorised Market Institution does not Deal in Investments as Principal in relation to an Investment by entering into a transaction with or through an Authorised Firm or a Regulated Financial Institution.
(2) The exclusion in (1) does not apply if the
Person holds itself out as:
(a) willing to enter into transactions in
Investments of the kind to which the transaction relates; or
(b) engaging in the business of buying, selling, subscribing for or underwriting