In general
Paragraphs (1) and (2) shall not apply to any qualified tax with respect to any security held in the active conduct in a foreign country of a business as a securities dealer of any person—
(i)#
who is registered as a securities broker or dealer under section 15(a) of the Securities Exchange Act of 1934,
(ii)#
who is registered as a Government securities broker or dealer under section 15C(a) of such Act, or
(iii)#
who is licensed or authorized in such foreign country to conduct securities activities in such country and is subject to bona fide regulation by a securities regulating authority of such country.