However, they have postponed a decision on proposals to allow abortion clinics to run adverts, the Guardian has reported.
The new regulations, aimed at reducing teenage pregnancy rates in the country, will drop the long-standing ban on condoms being advertised before 9pm and on Channel 4 before 7.30pm. However, these ads will not be allowed around programmes popular with children under the age of 10.
The new code also allows for adult film and magazine ads on pin-accessible adult entertainment channels.
Analysts consider this shake-up of the UK advertising rules as the most sweeping changes since TV and non-broadcast codes were developed in 1960s, the paper notes.
The new advertising code is developed based on the responses from a consultation process that was launched last March. Proposals relating to condom advertising and pregnancy advice services have hugely attracted the regulator's attention.
The Advertising Standards Authority will crack down on companies that flirt around the edges of the code but do not break specific TV and radio ad rules.
The new code will come into force from 1 September.