The Financial Services (Distance Marketing) Regulations 2004

4.— [F1 (1) Regulations 7 to 11 do not apply in relation to any contract made between an EEA supplier contracting from an establishment in an EEA State and a consumer in the United Kingdom unless the EEA supplier is—

(a) a payments supplier,

(b) a relevant EEA AIFM, or

(c) the operator, trustee or depositary of a relevant recognised scheme.

(1A) Regulations 12 and 13 do not apply in relation to any contract made between an EEA supplier contracting from an establishment in an EEA State and a consumer in the United Kingdom unless the EEA supplier is—

(a) an authorised person, or

(b) a payments supplier.

(1B) Regulation 15 does not apply in relation to any supply of financial services by an EEA supplier from an establishment in an EEA State to a consumer in the United Kingdom unless the EEA supplier is—

(a) a payments supplier,

(b) a relevant EEA AIFM, or

(c) the operator, trustee or depositary of a relevant recognised scheme

(1C) For the purposes of paragraphs (1) to (1B)—

“payments supplier” means an EEA supplier to whom paragraph 2 or 14 of Schedule 3 to the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 applies;

“relevant EEA AIFM” means an EEA AIFM (within the meaning given in regulation 78A(1)(b) of the Alternative Investment Fund Managers Regulations 2013) to whom regulation 78B of those Regulations applies.]

(2) Subject to paragraph (5) and regulation 6(3) and (4)—

(a) regulations 7 to 11 do not apply in relation to any contract made by a supplier who is an authorised person, the making or performance of which constitutes or is part of a regulated activity carried on by him;

(b) regulation 15 does not apply to any supply of financial services by a supplier who is an authorised person, where that supply constitutes or is part of a regulated activity carried on by him.

(3) Subject to regulation 6(3) and (4)—

(a) regulations 7 and 8 do not apply in relation to any contract made by a supplier who is an appointed representative, the making or performance of which constitutes or is part of a regulated activity (other than an exempt regulated activity) carried on by him;

(b) regulation 15 does not apply to any supply of financial services by a supplier who is an appointed representative, where that supply constitutes or is part of a regulated activity (other than an exempt regulated activity) carried on by him.

(4) Subject to regulation 6(3) and (4)—

(a) regulations 7 and 8 do not apply in relation to any contract where—

(i) the supplier is bound, or is controlled or managed by one or more persons who are bound, by rules of a designated professional body which are equivalent to those regulations, and

(ii) the making or performance of that contract constitutes or is part of an exempt regulated activity carried on by the supplier;

(b) regulation 15 does not apply to any supply of financial services where—

(i) the supplier is bound, or is controlled or managed by one or more persons who are bound, by rules of a designated professional body which are equivalent to that regulation, and

(ii) that supply constitutes or is part of an exempt regulated activity carried on by the supplier.

(5) Paragraph (2) does not apply in relation to any contract or supply of financial services made by a supplier who is the operator, trustee or depositary of a scheme which is a [F2 relevant recognised scheme], where the making or performance of the contract or the supply of the financial services constitutes or is part of a regulated activity for which he has permission in that capacity [F3 , by virtue of regulation 72(2) of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulation 2019 (“the 2019 Regulations”) (temporary authorisation of operator, trustee or depositary of recognised scheme)].

[F4 (6) In [F5 paragraphs (1), (1B) and (5)]—

“operator”, “trustee” and “depositary” have the same meanings as in Part 17 of the 2000 Act (see section 237 of that Act);

“relevant recognised scheme” means a stand-alone scheme or sub-fund (within the meaning of Part 6 of the 2019 Regulations) that is a recognised scheme by virtue of regulation 62 of the 2019 Regulations (temporary recognition for EEA UCITS or sub-fund of EEA UCITS).]

Textual Amendments

F1 Reg. 4(1)-(1C) substituted for reg. 4(1) (31.12.2020) by The Financial Services (Distance Marketing) (Amendment and Savings Provisions) (EU Exit) Regulations 2019 (S.I. 2019/574), regs. 1(3), 6(a) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 31); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in reg. 4(5) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 56(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in reg. 4(5) inserted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 56(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F4 Reg. 4(6) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 56(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F5 Words in reg. 4(6) substituted (31.12.2020) by The Financial Services (Distance Marketing) (Amendment and Savings Provisions) (EU Exit) Regulations 2019 (S.I. 2019/574), regs. 1(3), 6(b); 2020 c. 1, Sch. 5 para. 1(1)