77. Groups and Joint Enterprises

(1) There is excluded from paragraph 4 any transaction into which a person enters as principal with another person if that other person is also acting as principal and —
(a) they are members of the same Group; or
(b) they are, or propose to become, participators in a Joint Enterprise and the transaction is entered into for the purposes of or in connection with that enterprise.
(2) There is excluded from paragraph 12 any transaction into which a person enters as agent for another person if that other person is acting as principal, and the condition in sub-paragraph (1)(a) or (b) is met, provided that —
(a) the agent does not hold himself out (other than to members of the same Group or persons who are or propose to become participators with him in a Joint Enterprise) as engaging in the business of Buying Financial Instruments of the kind to which the transaction relates with a view to Selling them, and does not regularly solicit members of the public for the purpose of inducing them (as principals or agents) to Buy, Sell, subscribe for or underwrite Financial Instruments;
(b) the agent enters into the transaction —
(i) with or through an Authorised Person, or an Exempt Person acting in the course of a business comprising a Regulated Activity in relation to which he is exempt; or
(ii) through an office outside the Abu Dhabi Global Market maintained by a party to the transaction, and with or through a person whose head office is situated outside the Abu Dhabi Global Market and whose ordinary business involves him in carrying on activities of the kind specified by any of paragraphs 4, 12, 16, 28, 43, 48, 56, 59, 60, or 61 or, so far as relevant to any of those paragraphs, paragraph 70, or would do so apart from any exclusion from any of those paragraphs made by this Schedule.
(3) There are excluded from paragraph 16(1) and (2) arrangements made by a person if —
(a) he is a member of a Group and the arrangements in question are for, or with a view to, a transaction which is or is to be entered into, as principal, by another member of the same Group; or
(b) he is or proposes to become a participator in a Joint Enterprise, and the arrangements in question are for, or with a view to, a transaction which is or is to be entered into, as principal, by another person who is or proposes to become a participator in that enterprise, for the purposes of or in connection with that enterprise.
(4) There is excluded from paragraph 56 any activity carried on by a person if —
(a) he is a member of a Group and the assets in question belong to another member of the same Group; or
(b) he is or proposes to become a participator in a Joint Enterprise with the person to whom the assets belong, and the assets are managed for the purposes of or in connection with that enterprise.
(5) There is excluded from paragraph 43 any activity carried on by a person if —
(a) he is a member of a Group and the assets in question belong to another member of the same Group; or
(b) he is or proposes to become a participator in a Joint Enterprise, and the assets in question —
(i) belong to another person who is or proposes to become a participator in that Joint Enterprise; and
(ii) are or are to be subject to the provision of custody for the purposes of or in connection with that enterprise.
(6) There is excluded from paragraph 28 the giving of advice by a person if —
(a) he is a member of a Group and gives the advice in question to another member of the same Group; or
(b) he is, or proposes to become, a participator in a Joint Enterprise and the advice in question is given to another person who is, or proposes to become, a participator in that enterprise for the purposes of or in connection with that enterprise.
(7) There is excluded from paragraph 48 the entering into of a Credit Agreement by a person if —
(a) he is a member of a Group and enters into the agreement with another member of the same Group; or
(b) he is, or proposes to become, a participator in a Joint Enterprise and the Credit Agreement is entered into with another person who is, or proposes to become, a participator in that enterprise for the purposes of or in connection with that enterprise.
(8) Sub-paragraph (2) does not apply to a transaction for the sale or purchase of a Contract of Insurance.
(9) Sub-paragraph (3) does not apply to arrangements for, or with a view to, a transaction for the sale or purchase of a Contract of Insurance.
(10) Sub-paragraph (6) does not apply where the advice relates to a transaction for the sale or purchase of a Contract of Insurance.