266Disapplication of rules
This section has no associated Explanatory Notes
(1)Apart from—
(a)financial promotion rules, and
(b)rules under section 283(1),
rules made by the Authority 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.
(2)“Scheme” means a scheme which is a recognised scheme by virtue of section 264.