The fees referred to in Rules 3.11B.1 and 3.11B.2 do not apply where an Applicant intends to carry on one or both of the Regulated Activities of Advising on Investments or Credit and Arranging Deals in Investments and where those activities are not restricted to co-investments in assets in which a Venture Capital Fund managed by the Authorised Person has invested or will invest. In those circumstances the relevant provisions of Rules 2.2.1 and 2.2.2 apply.