This Practice Note outlines the relevant legislative provisions stipulating the requirement to be authorised to provide financial services in the UK. The regulators may...
The principal role of the Financial Services and Markets Act 2000 (FSMA 2000) was to establish and transfer power to the Financial Services Authority (FSA) following the...
How to use this Practice Note The terms and definitions used in this Practice Note match those used in the Financial Conduct Authority (FCA) Handbook and Prudential...
Where and how does the general prohibition apply? There is a fundamental prohibition at the heart of the UK regulatory regime whereby a person cannot carry out a...
The general prohibition Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), a person cannot carry out regulated activities in the UK, or purport...
Restrictions on unauthorised business The Financial Services and Markets Act 2000 (FSMA 2000) prohibits any person from carrying on a regulated activity in the UK unless...
The Financial Conduct Authority (FCA), the Bank of England (BoE) (including the Prudential Regulation Authority (PRA)) (the regulators) may take action...
The general prohibition under FSMA 2000 The general prohibition is a concept at the heart of the UK regulatory system. This means that persons providing financial...
There is a fundamental prohibition at the heart of the UK regulatory regime whereby a person cannot carry out a regulated activity in the UK, or purport to do so, unless...
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 either: • an...
An activity is only a regulated activity if it is an activity which is carried out by way of business in the UK. The Financial Services and Markets Act 2000 (FSMA 2000)...
