Article 25 - Activities carried on by way of business

(1) Subject to Article 25(2) for the purposes of this Part an activity is carried on by way of business if:
(A) the Person who carries on the activity;
(i) holds himself out to other Persons as engaging in that activity; or
(ii) regularly solicits Persons other than Authorised Firms to engage with him in transactions constituting that activity; or
(B) the activity is carried on in a manner which is otherwise deemed to constitute the carrying on of an activity by way of business in accordance with Rules issued by the Regulatory Authority under Article 25(2).
(2) The Regulatory Authority may from time to time issue Rules
(A) as to the circumstances in which an activity is or is not to be regarded as carried on by way of business to supplement the provisions in this Article; and
(B) in respect of the scope of Article 25(1)(A) including the circumstances in which a Person should not be regarded as holding out or soliciting or should otherwise be regarded as a customer to the market (and accordingly not carrying on a Regulated Activity for the purposes of the QFC Law and these Regulations).