COBS 3.3.1 Application
The Rules in this section do not apply to an Authorised Person when it is:
(a) carrying on a Regulated Activity where this involves provision of a service to a Client with, or for a Market Counterparty;
(b) Accepting Deposits;
(c) Providing Credit;
(d) carrying on an activity of the kind described in section 67 of Chapter 14 of Schedule 1 of FSMR that constitutes marketing; or
(e) a Fund Manager of a Fund Offering the Units of a Fund it manages.