Well worth a read, no really don't ignore it if you are in the UK. Yes you can fly for fun and do nothing but if you turn a penny or pint you need to comply.
http://www.caa.co.uk/docs/33/CAP722.pdf
If you are in the USA you might read it and cross your fingers that you are going to get such sensible regs, sadly after the AUVSI conference it would seem not! Just keep remembering ASTM F-38....

Comments
I believe so, perhaps even in these modern times a brief spell on the naughty step. I think I am right in saying that they have not prosecuted anyone yet but there have been some stern looks from the prosecution section towards some FPV activity.They really are very sensible chaps!