In this Act (except as otherwise provided), "investment firm" has the meaning given in paragraph 2.1A of the markets in financial instruments regulation.
Subsection (1) is subject to subsection (5).
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References in this Act to an "investment firm" do not include references to—
a person excluded from the definition of "investment firm" in Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) by paragraph (a) or (b) of that definition; or
a firm which has a Part 4A permission to carry on regulated activities as an exempt investment firm within the meaning of regulation 8 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701).