Regulated activities

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The Money Laundering Reporting Officer (MLRO)—duties

The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive...

What is electronic money?

BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further...

Insurance conduct regulation—COBS and ICOBS

The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to...

Non-UCITS retail schemes (NURS)

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

Practice notes

Public censure by the FCA

Disciplinary powers of the FCAThe disciplinary powers of the Financial Conduct Authority (FCA) are found in Part XIV of the Financial Services and...

9th Nov

Practice notes

Accepting deposits

This Practice Note looks at the regulated activity of accepting deposits (often referred to as deposit taking). Accepting deposits is a key hallmark...

9th Nov

Practice notes

Basel Accord

The Basel Committee on Banking Supervision (BCBS), consisting of the central banks of governors of the so-called G10 countries (Belgium, Canada,...

Produced in partnership with Morrison & Foerster LLP 9th Nov

Practice notes

Financial Conduct Authority—objectives and principles

The role of the FCAThe Financial Conduct Authority (FCA) forms part of the regulatory structure for financial services firms. The FCA has a...

9th Nov

Practice notes

Consumer protection—FCA and other regulatory requirements

This Practice Note looks at key aspects of consumer protection within the UK financial services regulatory system. The UK’s regulatory structure,...

9th Nov

Practice notes

Financial Conduct Authority—Principles for Businesses (PRIN)

This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the...

9th Nov

Practice notes

Fair and Effective Markets Review (FEMR)—one minute guide

On 10 June 2015, the Fair and Effective Markets Review (FEMR) published its final report. Running to 106 pages, the report covers a wide range of...

9th Nov

Practice notes

MLD4—key provisions for financial services firms—one minute guide

Brexit: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

9th Nov

Practice notes

UCITS VI

UCITS VIUCITS VI describes the European Commission's Consultation on Undertakings for Collective Investment in Transferable Securities issued 26th...

Produced in partnership with Andrew Henderson Partner, Eversheds Sutherland LLP 9th Nov

Practice notes

European Venture Capital Funds (EuVECA) Regulation

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

9th Nov

Practice notes

Entering into a consumer hire agreement as owner

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. To ensure...

9th Nov

Practice notes

Debt sale and purchase agreements

The debt sale and purchase market in the UKThe debt sale and purchase market has for some time been very active throughout the UK. It is an important...

9th Nov

In-house

Practice notes

Second Wire Transfer Regulation (WTR2)—essentials

Brexit: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

9th Nov

Practice notes

The impact of Brexit on the MiFID II regime

This Practice Note provides information relating to the impact of Brexit on the recast Markets in Financial Instruments Directive (Directive...

9th Nov

Brexit

Practice notes

MiFID I—Transaction reporting

This Practice Note provides an overview of the transaction reporting requirements that existed under the Markets in Financial Instruments Directive...

9th Nov

Practice notes

What is credit and what is a regulated consumer credit agreement?

Scope of this Practice NoteThere are several factors to consider when deciding whether or not a credit agreement is regulated under the regulatory...

9th Nov

Most recent Regulated activities content

Practice notes

EU and UK regulation of insurance-linked securities

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

25th Nov

Practice notes

Unauthorised business and enforcement powers of the FCA

Lexis®PSL Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and,...

Produced in partnership with BROWNRUDNICK 24th Nov

Practice notes

In-house lawyers—risk management—financial services

How to use this Practice NoteThe terms and definitions used in this Practice Note match those used in the Financial Conduct Authority (FCA) Handbook...

19th Nov

Practice notes

Administering benchmarks

Background to the regulated activities relating to benchmarksThe London Inter-Bank Offered Rate (LIBOR) is a global benchmark for short term interest...

18th Nov

Practice notes

What is credit and what is a regulated consumer credit agreement?

Scope of this Practice NoteThere are several factors to consider when deciding whether or not a credit agreement is regulated under the regulatory...

18th Nov

Practice notes

What are regulated activities?

Under the general prohibition a person cannot carry out a regulated activity, or purport to carry out a regulated activity, in the UK unless they are...

18th Nov

Practice notes

EU regulatory regime for credit rating agencies

CRA Regulation—backgroundThe Credit Rating Agencies Regulation (EC) 1060/2009 (the CRA Regulation) is the core EU legislation relating to Credit...

18th Nov

Practice notes

Accepting deposits

This Practice Note looks at the regulated activity of accepting deposits (often referred to as deposit taking). Accepting deposits is a key hallmark...

18th Nov

Practice notes

Financial Services and Markets Act 2000—essentials

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

18th Nov

Q&As

Would privately (ie not via a public platform) facilitating an opportunity to individuals to lend to a corporate be caught under the Financial Services and Markets Act 2000 (FSMA 2000) as a regulated activity requiring authorisation? Is it the case that since the borrower is a corporate entity, the credit broking restrictions will not be relevant since there is no consumer contract? It also does not seem like a private arrangement like this would fall under operating an electronic system in relation to lending. What are your thoughts as to whether it may be a regulated activity, whether under the above or other provisions of FSMA 2000?

This Q&A assumes that the description of the proposed platform is accurately and fully described in the question.Authorisation is required under the...

Produced in partnership with Thomas Samuels of Gough Square Chambers 17th Nov

Practice notes

Appointed representatives

BREXIT: The UK’s exit from the EU and the end of the implementation period on 31 December 2020 will have an impact on this Practice Note. For more...

12th Nov

Practice notes

Tied agents

BREXIT: The UK’s exit from the EU and the end of the implementation period on 31 December 2020 will have an impact on this Practice Note. For more...

10th Nov

Practice notes

Regulated activities relating to consumer credit

This Practice Note sets out and examines the consumer credit regulated activities in the Financial Services and Markets 2000 (Regulated Activities)...

9th Nov

In-house

Practice notes

Regulated activities for debt management firms and not-for-profit bodies

STOP PRESS: On 4 May 2020, the Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020, SI 2020/480 made...

Produced in partnership with Jacqui Hatfield of Orrick, Herrington & Sutcliffe 3rd Nov

Practice notes

UCITS, collective investment scheme and alternative investment fund regulated activities

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

1st Nov

Q&As

What are some of the key elements in relation to the regulation of credit unions?

What is a credit union?A credit union is a type of financial services institution owned and controlled by its members and operated for their own...

Produced in partnership with Scott Ralston 28th Sep

Q&As

A purchaser intends to purchase a residential property with the seller to remain in occupation, on completion, under an assured shorthold tenancy (AST). The purchaser is a cash buyer and will purchase with no mortgage. Would a purchase and AST back be classed as a regulated sale and rent back agreement under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, given that there is no mortgage involved?

Practice Note: Regulated mortgage contracts and home finance transactions defined notes the definition of a regulated sale and rent back agreement...

28th Sep

Q&As

Would a communication to existing shareholders of a private company limited by shares (of which there are 500+) asking them to pass a resolution to disapply rights of pre-emption so that shares in the capital of the company can be issued to a new investor constitute ‘investment activity’ for the purposes of Financial Services and Markets Act 2000 and the Financial Promotions regime?

Is it a regulated activity for the purposes of the Financial Services and Markets Act 2000?The activity of ‘advising on investments’ is set out in the...

Produced in partnership with Russell Kelsall LLB (Hull); LPC (Shef) of TLT 28th Sep

Q&As

I act for a limited company lending significant monies to a connected private pension scheme in exchange for a mortgage over pension scheme owned commercial property. The money is to be used by the pension scheme to re-pay some but not all of a commercial loan secured on other property to a high street lender. I am using a legal mortgage over a property (often referred to as a 'legal charge') granted by an individual borrower in favour of an individual lender, securing a loan in excess of £25,000 that has been borrowed for the purpose of the borrower's business. I am aware of the business loan exemption in article 60C (3) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. Would the use of the monies by the pension scheme as above constitute being used wholly or predominantly for the purpose of its business?

Purpose of the pension scheme:Some schemes like small self-administered schemes (SSASs) may, through its trustees, borrow from any source subject to...

28th Sep

Q&As

Would lending to an individual where the loan is secured by a second charge be viewed as a regulated activity? Would a person carrying on this activity be able to rely on an exemption?

Under the general prohibition contained in section 19 of the Financial Services and Markets Act 2000, a person cannot carry out a regulated activity,...

28th Sep