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