exempt person

(1) (as defined in section 417(1) of the Act (Definitions)) (in relation to a regulated activity) a person who is exempt from the general prohibition in respect of that activity as a result of:

1. (a) the Exemption Order; or
1. (b) being an appointed representative; or
1. (c) section 285(2) or (3) of the Act (Exemption for recognised investment exchanges and clearing houses);

and

(2) a person who is exempt from the general prohibition as a result of section 312A(2) of the Act.