Examination Timing: 00H00M35S
David Smith is asked to advise clients on protecting savings and corporate capital, and he also has discretion to oversee the day-to-day operation of clients' investment activities.
Which of the following best describes the exclusion or exclusions from the RAO that are available to the regulated activities of 'safeguarding' and 'managing'?
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Your selected option: D
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The 'ATP' (authorised third party) and 'body corporate' exclusions apply to most regulated activities but not specifically to 'safeguarding' and 'managing.' Therefore, options C and D are incorrect. The 'necessary' exclusion is available for most activities, including safeguarding but not managing, making option A incorrect. The 'trustee/PR' (personal representative) exclusion is applicable to all activities, including safeguarding and managing, thus making option B the correct answer. It is incorrect to state that all exclusions in the RAO apply to 'safeguarding' and 'managing,' so option E is also incorrect.
Key Point: This question examines the understanding of exclusions under the RAO specific to the activities of 'safeguarding' and 'managing' investments. Solicitors must be aware of the appropriate exclusions to ensure their actions are within legal boundaries.
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