5. Absence of holding out etc.

(1) Subject to sub-paragraph (2), a person ("A") does not carry on an activity of the kind specified by paragraph 4 by entering into a transaction which relates to a Security (or is the assignment of a Contract of Insurance, or of an investment specified in paragraph 98, so far as relevant to such a contract), unless —
(a) A holds himself out as willing, as principal, to Buy, Sell or subscribe for investments of the kind to which the transaction relates at prices determined by him generally and continuously rather than in respect of each particular transaction;
(b) A holds himself out as engaging in the business of Buying investments of the kind to which the transaction relates with a view to Selling them;
(c) A holds himself out as engaging in the business of underwriting investments of the kind to which the transaction relates; or
(d) A regularly solicits members of the public with the purpose of inducing them, as principals or agents, to enter into transactions constituting activities of the kind specified by paragraph 4, and the transaction is entered into as a result of his having solicited members of the public in that manner.
(2) This paragraph does not apply where A enters into the transaction as bare trustee for another person and is acting on that other person's instructions.