(1)A person who is a regulated person in relation to an approved regulator has a duty to comply with the regulatory arrangements of the approved regulator as they apply to that person.
(2)A person is a regulated person in relation to an approved regulator if the person—
(a)is authorised by the approved regulator to carry on an activity which is a reserved legal activity, or
(b)is not so authorised, but is a manager or employee of a person who is so authorised.
(3)This section applies in relation to the Board in its capacity as a licensing authority and its licensing rules, as it applies in relation to an approved regulator and its regulatory arrangements.