COBS 3.4.1 Application

The Rules in this section do not apply where the Authorised Person:

(a) undertakes a Transaction with a Market Counterparty;
(b) undertakes an Execution-Only Transaction;
(c) undertakes the activities of Accepting Deposits or Providing Credit; or
(d) carries on an activity of the kind described in section 67 of Chapter 14 of Schedule 1 of FSMR that constitutes marketing.