Regulated activities—specified activities and investments

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This Overview is a guide to the Lexis+® UK Financial Services content within the specified activities and investments subtopic, with links to the appropriate materials. It also looks at some of the main issues effecting credit unions and credit ratings agencies.

The general prohibition

The Financial Services and Markets Act 2000 (FSMA 2000) governs the regulation of financial services and markets in the UK. The general prohibition is central to FSMA 2000. It states that no person may carry on a regulated activity in the UK, or purport to do so, unless they are:

  1. •

    an authorised person, or

  2. •

    an exempt person

A person can breach the general prohibition without actually carrying on a regulated activity by representing themselves as authorised to carry out a regulated activity or by attempting to carry on a regulated activity.

Exemptions and exclusions

This overview focuses on those activities that have been specified as regulated activities (see Specific activities and investments below). It does not consider the exclusions which may apply which would mean an activity is not regulated, nor does it consider the

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