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FSMA 2000—the general prohibition

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Practice notes

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Entering into a consumer hire agreement as owner

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UCITS VI

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Produced in partnership with Andrew Henderson Partner, Eversheds Sutherland LLP 12th Jan
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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Practice notes

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

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Practice notes

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Practice notes

Basel Accord

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Produced in partnership with Morrison & Foerster LLP 12th Jan
Practice notes

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Application of the FCA's COBS 4 rules

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Produced in partnership with DLA Piper 12th Jan
Practice notes

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Most recent FSMA 2000—the general prohibition content

Practice notes

What are regulated activities?

What are regulated activities?Under the general prohibition a person cannot carry out a regulated activity, or purport to carry out a regulated...
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15th May
Practice notes

Unauthorised business and enforcement powers of the FCA

Unauthorised business and enforcement powers of the FCARestrictions on unauthorised businessThe Financial Services and Markets Act 2000 (FSMA 2000)...
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Produced in partnership with Brown Rudnick 15th May
Practice notes

Financial Services and Markets Act 2000—essentials

Financial Services and Markets Act 2000—essentialsThe principal role of the Financial Services and Markets Act 2000 (FSMA 2000) was to establish and...
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15th May
Practice notes

The general prohibition and implications of its breach

The general prohibition and implications of its breachThe general prohibitionUnder section 19 of the Financial Services and Markets Act 2000 (FSMA...
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15th May
Practice notes

Territorial scope of the general prohibition

Territorial scope of the general prohibitionWhere and how does the general prohibition apply?There is a fundamental prohibition at the heart of the UK...
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15th May
Practice notes

Unauthorised business—legal and regulatory framework

Unauthorised business—legal and regulatory frameworkThere is a fundamental prohibition at the heart of the UK regulatory regime whereby a person...
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15th May
Practice notes

Unauthorised business and the approach to enforcement—civil proceedings

Unauthorised business and the approach to enforcement—civil proceedingsThe Financial Conduct Authority (FCA), the Bank of England (BoE) (including the...
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Produced in partnership with Sarah Clarke QC of Serjeants' Inn 15th May
Practice notes

In-house lawyers—risk management—financial services

In-house lawyers—risk management—financial services How to use this Practice NoteThe terms and definitions used in this Practice Note match those used...
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15th May
Practice notes

Carrying on unauthorised business and breaching the general prohibition

Carrying on unauthorised business and breaching the general prohibitionThis Practice Note outlines the relevant legislative provisions stipulating the...
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Produced in partnership with Sarah Clarke QC of Serjeants' Inn 15th May
Practice notes

Unauthorised business and the approach to enforcement—criminal proceedings

Unauthorised business and the approach to enforcement—criminal proceedingsThe general prohibition under FSMA 2000The general prohibition is a concept...
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Produced in partnership with Sarah Clarke QC of Serjeants' Inn 15th May
Practice notes

What does 'by way of business' mean?

What does 'by way of business' mean?An activity is only a regulated activity if it is an activity which is carried out by way of business in the UK....
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15th May
Q&As

What (if any) significance do the words ‘by way of business’ in section 22 of the Financial Services and Markets Act 2000 actually carry when it comes to the need to get Financial Conduct Authority authorisation for credit broking? Notwithstanding the use of the above words, if credit broking is ancillary to one’s main (non-financial) business, is a credit broking authorisation still required?

The ‘by way of business’ test in section 22 of the Financial Services and Markets Act 2000 (FSMA 2000) applies in the same way in relation to credit...
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25th Feb
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 15th Feb
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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15th Feb
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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15th Feb

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This Practice Note examines why parties involved in a construction project may enter into an escrow agreement (or escrow deed) to set up an escrow account. It looks at the benefits of paying funds into escrow, how an escrow account operates and the provisions typically found in an escrow

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Forming enforceable contracts—consideration

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Separation of powers—legislative, executive and judiciary

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Compulsory winding up of a company—the process and procedure

Compulsory winding up of a company—the process and procedure

STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose significant limitations on the ability for a creditor to seek a winding-up order against a company. For further reading, see Practice Note: Corporate