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An individual law or regulation, or a broader principle underpinning a number of laws or regulations.

For example, the Best execution rule for intermediaries.


A less formal understanding between individuals or organisations, not necessarily legally enforceable.

For example, the Chatham House Rule for participants at meetings.

3. Law - common law - precedent.

A legal principle identified in a particular legal case.

For example, the Rule in Re Pettit (1925) that an amount received 'free of tax' is taxable in the hands of the recipient at the amount received, grossed up for the basic rate of income tax.


Guidance for individual or internal organisational activity.

For example, the filter rule for traders applying technical analysis principles.

See also