31. Granting a Financial Services Permission: special cases

(1) If the Applicant —
(a) in relation to a particular Regulated Activity, is exempt from the General Prohibition as a result of section 16(3); but
(b) has applied for a Financial Services Permission in relation to another Regulated Activity;
the Application is to be treated as relating to all the Regulated Activities which, if a Financial Services Permission is granted, the Applicant will carry on.
(2) If the Applicant —
(a) in relation to a particular Regulated Activity, is exempt from the General Prohibition as a result of any of subsections (1) or (2) of section 119; but
(b) has applied for a Financial Services Permission in relation to another Regulated Activity;
the Application is to be treated as relating only to that other Regulated Activity.
(3) If the Applicant —
(a) is a person to whom, in relation to a particular Regulated Activity, the General Prohibition under section 16 does not apply; but
(b) has applied for a Financial Services Permission in relation to another Regulated Activity;
the Application is to be treated as relating only to that other Regulated Activity.