Regulations for all Capital Markets Services

According to the SFA

No person shall act as a representative in respect of any type of regulated activity or hold himself out as doing so, unless he is —

(a) an appointed representative in respect of that type of regulated activity;

(b) a provisional representative in respect of that type of regulated activity;

(c) a temporary representative in respect of that type of regulated activity; or

(d) a representative of an exempt person under section 99(1)(f), (g) or (h), in so far as —

(i) the type and scope of the regulated activity carried out by the first-mentioned person are within the type and scope of, or are the same as, that carried out by the exempt person (in his capacity as an exempt person); and

(ii) the manner in which the first-mentioned person carries out that type of regulated activity is the same as the manner in which the exempt person (in his capacity as an exempt person) carries out that type of regulated activity.

See also: Appointment of CMS licensee representatives