266 Disapplication of rules
266 Disapplication of rules

(1)     Apart from—

(a)     financial promotion rules, and

(b)     rules under section 283(1),

rules made by the [FCA] under this Act do not apply to the operator, trustee or depositary of a scheme in relation to the carrying on by him of regulated activities for which he has permission in that capacity.

[(1A)     But subsection (1) does not affect the application of rules to an operator of a scheme if the operator is an EEA firm falling within paragraph 5(f) of Schedule 3 who qualifies for authorisation under that Schedule.]