1. This Directive shall not apply to:
(a) insurance undertakings as defined in Article 1 of Directive 73/239/
EEC or assurance undertakings as defined in Article 1 of Directive
2002/83/EC or undertakings carrying on the reinsurance and
retrocession activities referred to in Directive 64/225/EEC;
(b) persons which provide investment services exclusively for their
parent undertakings, for their subsidiaries or for other subsidiaries
of their parent undertakings;
(c) persons providing an investment service where that service is
provided in an incidental manner in the course of a professional
activity and that activity is regulated by legal or regulatory provisions
or a code of ethics governing the profession which do not
exclude the provision of that service;
(d) persons who do not provide any investment services or activities
other than dealing on own account unless they are market makers or
deal on own account outside a regulated market or an MTF on an
organised, frequent and systematic basis by providing a system
accessible to third parties in order to engage in dealings with them;
(e) persons which provide investment services consisting exclusively in
the administration of employee-participation schemes;
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(f) persons which provide investment services which only involve both
administration of employee-participation schemes and the provision
of investment services exclusively for their parent undertakings, for
their subsidiaries or for other subsidiaries of their
parent undertakings;
(g) the members of the European System of Central Banks and other
national bodies performing similar functions and other public bodies
charged with or intervening in the management of the public debt;
(h) collective investment undertakings and pension funds whether coordinated
at Community level or not and the depositaries and
managers of such undertakings;
(i) persons dealing on own account in financial instruments, or
providing investment services in commodity derivatives or derivative
contracts included in Annex I, Section C 10 to the clients of
their main business, provided this is an ancillary activity to their
main business, when considered on a group basis, and that main
business is not the provision of investment services within the
meaning of this Directive or banking services under Directive 2000/
12/EC;
(j) persons providing investment advice in the course of providing
another professional activity not covered by this Directive provided
that the provision of such advice is not specifically remunerated;
(k) persons whose main business consists of dealing on own account in
commodities and/or commodity derivatives. This exception shall not
apply where the persons that deal on own account in commodities
and/or commodity derivatives are part of a group the main business
of which is the provision of other investment services within the
meaning of this Directive or banking services under Directive
2000/12/EC;
(l) firms which provide investment services and/or perform investment
activities consisting exclusively in dealing on own account on
markets in financial futures or options or other derivatives and on
cash markets for the sole purpose of hedging positions on derivatives
markets or which deal for the accounts of other members of
those markets or make prices for them and which are guaranteed by
clearing members of the same markets, where responsibility for
ensuring the performance of contracts entered into by such firms is
assumed by clearing members of the same markets;
(m) associations set up by Danish and Finnish pension funds with the
sole aim of managing the