s 38 Exemption orders.
(1) The Treasury may by order (“ an exemption order ”) provide for— (a) specified persons, or (b) persons falling within a specified class, to be exempt from the general prohibition. (2) But a person cannot be an exempt person as a result of an exemption order if he has a Part 4A permission . (3) An exemption order may provide for an exemption to have effect— (a) in respect of all regulated activities; (b) in respect of one or more specified regulated activities; (c) only in specified circumstances; (d) only in relation to specified functions; (e) subject to conditions. (4) “ Specified ” means specified by the exemption order.