The voting rights of the trust can be exercised by the solicitor, James, as the exercise of voting rights is an exempt activity when carried out on behalf of a trust. Section 19 of the Financial Services and Markets Act 2000 ("the 2000 Act") prohibits a person from carrying on a regulated activity unless that person is authorised under the 2000 Act or is an exempt person. The 2000 Act does not define what activities are regulated; rather, the activities are specified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. Article 67 of the 2001 Order excludes from regulation certain otherwise prohibited activities, such as advising, arranging, and managing, when carried on in the course of a profession and when such activities might reasonably be regarded as a necessary part of other services provided in the course of that profession. The exception does not apply if the investment is a contract for insurance or the solicitor is paid any additional sum for his services. 

Key Point: The exercise of voting rights on behalf of a trust is an exempt activity under the Financial Services and Markets Act 2000, allowing the solicitor to perform this function without additional authorisation.