PROF 5.4 2Application of the Distance Marketing Regulations
- (1)
In addition to those provisions of the Distance Marketing Regulations which apply directly , an authorised professional firm must, with respect to its non-mainstream regulated activities, comply with regulations 7 to 11 and 15 of the Distance Marketing Regulations. Those regulations have effect to cancel distance contracts the making or performance of which by such firms constitutes a non-mainstream regulated activity.3
4 - (2)
Paragraph (1) does not apply in relation to regulations 7 to 8 and 15 if the designated professional body of the authorised professional firm has rules equivalent to 3some or all of 1those regulations and:
- (a)
those rules have been approved by the FCA under section 332(5) of the Act; and
- (b)
the authorised professional firm is subject to those rules in the form in which they have been approved;
in which case those regulations are disapplied to the extent that they are implemented by the rules of the designated professional body.1
- (a)
The effect of PROF 5.4.1 R is that it allows designated professional bodies to make rules which allow an authorised professional firm to comply with the Distance Marketing Regulations in respect of its non-mainstream regulated activities in the same way as an exempt professional firm which is a member of the same designated professional body in respect of its exempt regulated activities.
2