42. Other exclusions

(1) A person who carries on an activity of the kind specified by paragraph 38 is not to be regarded as doing so by way of business if —
(a) he does not hold himself out as Accepting Deposits on a day-to-day basis; and
(b) any Deposits which he accepts are accepted only on particular occasions, whether or not involving the issue of any Financial Instruments.
(2) In determining for the purposes of sub-paragraph (1)(b) whether Deposits are accepted only on particular occasions, regard is to be had to the frequency of those occasions and to any characteristics distinguishing them from each other.
(3) A sum is not a Deposit for the purposes of paragraph 38 if it is received by a person who is —
(a) an Authorised Person with a Financial Services Permission to carry on the Regulated Activities specified in paragraphs 4, 12, 16, 56, 59, 60 or 61 (or, in so far as it relates to such activities, the activity specified in paragraph 64); or
(b) an Exempt Person in relation to any such activity,
in the course of, or for the purposes of, carrying on any such activity (or any activity which would be such an activity but for any exclusion made by this Schedule) with or on behalf of the person by or on behalf of whom the sum is paid.