s 142D Excluded activities
(1) References in this Act to an “excluded activity” are to be read in accordance with this section. (2) The regulated activity of dealing in investments as principal (whether carried on in the United Kingdom or elsewhere) is an excluded activity unless it is carried on in circumstances specified by the Treasury by order. (3) An order under subsection (2) may be made only if the Treasury are of the opinion that allowing ring-fenced bodies to deal in investments as principal in the specified circumstances would not be likely to result in any significant adverse effect on the continuity of the provision in the United Kingdom of core services. (4) The Treasury may by order provide for an activity other than the regulated activity of dealing in investments as principal to be an excluded activity, either generally or when carried on in circumstances specified in the order. (5) An activity to which an order under subsection (4) relates— (a) need not be a regulated activity, and (b) may be an activity carried on in the United Kingdom or elsewhere. (6) In deciding whether to make an order under subsection (4) in relation to any activity, the Treasury must— (a) have regard to the risks to which a ring-fenced body would be exposed if it carried on the activity concerned, and (b) consider whether the carrying on of that activity by a ring-fenced body would make it more likely that the failure of the body would have an adverse effect on the continuity of the provision in the United Kingdom of core services. (7) An order under subsection (4) may be made only if the Treasury are of the opinion that the making of the order is necessary or expedient for the purpose of protecting the continuity of the provision in the United Kingdom of core services.