63.This section makes provision as to the classes of regulated activity, if carried on by way of business, and types of investment which are to be regulated under the Act.  These are to be prescribed by the Treasury by order to be made under subsection (1).  An activity will only be a regulated activity if it is carried on by way of business and is specified in the order under subsection (1).  The Treasury will have the power under section 419 to specify circumstances in which an activity shall or shall not be regarded as being carried on by way of business.
64.Schedule 2 indicates the general range of activities and investments that the Treasury may include within the order defining the scope of regulation, but it does not exhaustively list them.  It is therefore possible that other activities or investments may be brought within the scope of the regulation under the Act.  However, the general nature of the activities set out in Schedule 2 serves as a limitation on the extent of the Treasury’s power to bring further activities within the scope of the Act.
Commentary on Sections Part Ii: Regulated and Prohibited Activities Section 22: The classes of activity and categories of investment