Sch 2A para 5
(1) The Treasury may by regulations approve a regulated activity for the purposes of this Schedule. (2) The power under this paragraph includes power to approve a regulated activity— (a) only so far as it is carried on by a person of a description specified in the regulations, (b) only so far as it is carried on through a branch in the United Kingdom, (c) only so far as it is carried on in other circumstances specified in the regulations, or (d) subject to other limitations. (3) In making regulations under this paragraph, the Treasury may have regard to any matter that they consider relevant (and see the restrictions in paragraphs 7, 8 and 9 and the requirement in paragraph 10).