73. Exclusions

(1) A person ("A") licensed under the Commercial Licensing Regulations 2015 to carry on the activities specified in Rules 4 or 5 of the Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2015 does not Provide Trust Services where it only —
(a) arranges for a person to act as trustee in respect of an express trust; or
(b) provides services with respect to the creation of an express trust;
provided that —
(i) the provision of such services is solely incidental to the ordinary business of A; and
(ii) A is not holding itself out as Providing Trust Services.
(2) A person is not Providing Trust Services if that person is the Trustee of an Investment Trust and the activities are in connection with or arise from, Acting as the Trustee of an Investment Trust.