33 Limitations and requirements

| Commentary

33 Limitations and requirements

| Commentary

33 Limitations and requirements1

The Financial Services Authority (FSA) may include (and, as part of its application, an applicant may wish to apply for2) appropriate limitations in a description of the regulated activities3 in a Part IV permission4. Generally speaking, a limitation limits, in some way, a particular regulated activity. Unlike requirements, each limitation is specific to a particular regulated activity (either to the specified activity, the specified investments or both)5. Examples of limitations given by the FSA are:

  1. 33.1

        a limit on the types of client that a firm may deal with; or

  2. 33.2

        a limit on the number

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