Section 39(1)

If a person (other than an authorised person)— he is exempt from the general prohibition in relation to any regulated activity comprised in the carrying on of that business for which his principal has accepted responsibility. is a party to a contract with an authorised person (“his principal”) which— permits or requires him to carry on business of a prescribed description, and complies with such requirements as may be prescribed, and is someone for whose activities in carrying on the whole or part of that business his principal has accepted responsibility in writing,

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Source: legislation.gov.uk · retrieved 2026-09-04