Regulation 10 Sufficient period of professional experience

(1)

In these Regulations “sufficient period of professional experience” means, subject to paragraphs (2) and (3), seven years or more of experience in a professional capacity in the fields of finance, law and accountancy.

(2)

Periods of theoretical instruction in the fields of finance, law and accountancy may be deducted from the required period of professional experience, provided the instruction—

(a)

lasted at least one year; and

(b)

is attested by an examination recognised by the Secretary of State for the purposes of this regulation,

but the period of professional experience may not be so reduced by more than four years.

(3)

A person who satisfies regulation 7(b) must have a period of professional experience combined with practical training of a duration equal to, or greater than, the course of theoretical instruction combined with practical training of a person who satisfies regulation 7(a).