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a firm with permission to deal in investments as principal other than:(b) a UCITS management company; or(c) an insurer; or(d) a local;and which satisfies the following conditions:(e) it deals as principal only to fulfil customer orders;(f) it holds positions for its own account only as a result of a failure to match investors' orders precisely;(g) the total market value of the positions is no higher than 15% of the firm's initial capital; and(h) the positions are incidental and provisional in nature and strictly limited to the time required to carry out the transaction in question.