Income from an "investment business" (i.e., income from property, including interest, dividends, rents, royalties or similar returns, income from the insurance or reinsurance of risks, income from factoring trade accounts receivable, or profits from disposing of investment property) is excluded from FAPI if (i) the business is conducted principally with arm's length persons, (ii) the business is carried on as a foreign bank, trust company, insurance corporation or a trader/dealer in securities or commodities that is regulated under the laws of the relevant jurisdiction, or the development of real property for sale, the lending of money, the leasing or licensing of property or the insurance/reinsurance of risks, and (iii) the business employs the equivalent of five full-time employees in the active conduct of the business.