reg 32 Exception for trustees of debt issues
(1) A relevant person— (a) who is appointed by the issuer of instruments or securities specified in paragraph (2) as trustee of an issue of such instruments or securities; or (b) whose customer is a trustee of an issue of such instruments or securities, is not required to apply the customer due diligence measure referred to in regulation 28(3) and (4) in respect of the holders of such instruments or securities. (2) The specified instruments and securities are— (a) instruments which fall within article 77 or 77A of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ; and (b) securities which fall within article 78 of that Order .