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FSMA 2000—the general prohibition

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The EAW is dead—long live the UK-EU Surrender Agreement

The EAW is dead—long live the UK-EU Surrender Agreement

The following Corporate Crime news provides comprehensive and up to date legal information on The EAW is dead—long live the UK-EU Surrender Agreement

FCA test case—documentation for policyholders

FCA test case—documentation for policyholders

The following Commercial news provides comprehensive and up to date legal information on FCA test case—documentation for policyholders

Comment—financial regulation inevitable for sour loan-laden UK lenders

Comment—financial regulation inevitable for sour loan-laden UK lenders

The following Banking & Finance news provides comprehensive and up to date legal information on Comment—financial regulation inevitable for sour loan-laden UK lenders

Scope of lending bank’s duty to commercial borrower to treat the customer fairly (Morley v RBS)

Scope of lending bank’s duty to commercial borrower to treat the customer fairly (Morley v RBS)

The following Banking & Finance news provides comprehensive and up to date legal information on Scope of lending bank’s duty to commercial borrower to treat the customer fairly (Morley v RBS)

Featured Financial Services content

Insurance conduct regulation—COBS and ICOBS

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...

The Single Rulebook

The Single Rulebook

Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its...

Non-UCITS retail schemes (NURS)

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...

Regulatory capital—purpose, quantity and quality

Regulatory capital—purpose, quantity and quality

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...
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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...
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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,...
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Produced in partnership with Morrison & Foerster LLP 12th Jan
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...
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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,...
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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...
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9th Nov
Practice notes

Recognised investment exchanges

Recognised investment exchangesA recognised investment exchange (RIE) is a UK recognised body under Part XVIII of the Financial Services and Markets...
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9th Nov
tag iconIn-house
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...
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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...
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Produced in partnership with Andrew Henderson Partner, Eversheds Sutherland LLP 12th Jan
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...
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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...
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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...
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9th Nov
tag iconIn-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...
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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...
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9th Nov
tag iconBrexit
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...
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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...
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9th Nov

Most recent FSMA 2000—the general prohibition content

Practice notes

Unauthorised business and enforcement powers of the FCA

Restrictions on unauthorised businessThe Financial Services and Markets Act 2000 (FSMA 2000) prohibits any person from carrying on a regulated...
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Produced in partnership with BROWNRUDNICK 19th Jan
Practice notes

Unauthorised business and the approach to enforcement—criminal proceedings

The general prohibition under FSMA 2000The general prohibition is a concept at the heart of the UK regulatory system. This means that persons...
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Produced in partnership with Sarah Clarke of Hardwicke Chambers 18th Jan
Practice notes

Unauthorised business and the approach to enforcement—civil proceedings

The Financial Conduct Authority (FCA), the Bank of England (BoE) (including the Prudential Regulation Authority (PRA)) (the regulators) may take...
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Produced in partnership with Sarah Clarke of Hardwicke Chambers 18th Jan
Practice notes

The general prohibition and implications of its breach

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...
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18th Jan
Practice notes

What does 'by way of business' mean?

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...
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17th Jan
Practice notes

Financial Services and Markets Act 2000—essentials

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...
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17th Jan
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...
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17th Jan
Practice notes

Territorial scope of the general prohibition

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...
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17th Jan
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...
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17th Jan
Practice notes

Carrying on unauthorised business and breaching the general prohibition

This Practice Note outlines the relevant legislative provisions stipulating the requirement to be authorised to provide financial services in the UK....
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Produced in partnership with Sarah Clarke of Hardwicke Chambers 8th Jan
Q&As

If an individual lends a sum of money (£40,000) to a friend to assist in the purchase of a property and there is no written agreement in respect of that loan, would the loan be caught by the CCA and would the individual lending the money need to be FCA approved?

What is the regulatory regime under the Financial Services and Markets Act 2000 (FSMA 2000)Under section 19 of the Financial Services and Markets Act...
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Produced in partnership with Russell Kelsall LLB (Hull); LPC (Shef) of TLT 8th Jan
Q&As

How can an unregulated parent manage a FCA regulated subsidiary without obtaining authorisation itself?

A firm which carries on regulated activities as defined in section 22 of the Financial Services and Markets Act 2000 (FSMA 2000) can only do so if it...
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24th Dec
Practice notes

Unauthorised business—legal and regulatory framework

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...
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29th Nov
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,...
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28th Nov

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