The Privacy and Electronic Communications (EC Directive) Regulations 2003 regulate direct electronic marketing in the UK. This EU-based legislation must be read in conjunction with data protection law, which regulates the use of personal data (which can include email addresses). The two bodies of law are not always consistent.
The Privacy and Electronic Communications Act - An introductory guide from Startups.co.uk (to the Regulations, as there is no such thing as the Privacy and Electronic Communications Act).
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