The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note looks at the regulated activity of accepting deposits (often referred to as deposit taking). Accepting deposits is a key hallmark of banks, credit unions or building societies. Firms should consider whether their proposed business models and plans require the firm to apply for authorisation to carry on regulated activities or to extend their permissions. Accepting deposits is a specified activity and deposits are a specified investment under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO).
The Financial Services and Markets Act 2000 (FSMA 2000) provides the framework for the regulation of financial services and markets in the UK. Under FSMA 2000, s 19, any person who carries on a regulated activity in the UK must be authorised by either the Financial Conduct Authority (FCA) or the Prudential Regulatory Authority (PRA) (depending on the regulated activities the person intends to carry on) or exempt. Breach of FSMA 2000, s 19 may be a criminal offence. The details of the specific activities and investments covered by FSMA 2000, s 19 are set out in RAO, which is secondary legislation under FSMA 2000.
The regulated activity relating to deposit taking is the activity of accepting deposits as set out in RAO SI 2001/544, arts 5 and 74. The definition is also described in the PRA Rulebook glossary and
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The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive disclosures under Part 7 of the Proceeds of Crime Act 2002 (POCA 2002) or Part III of the Terrorism Act 2000 (TA 2000)—see Requirement to appoint a
Issue estoppel is a sub-species of the res judicata doctrine (see Practice Note: The doctrine of res judicata). In addition to the general key requirements for establishing a res judicata (see Practice Note: Key requirements to establish a res judicata), this Practice Note considers the specific
This Practice Note looks at CE-File electronic working in the courts under CPR PD 51O, in the context of case management. It provides guidance on how to file a document electronically, deal with rejected electronic filings, issue a claim electronically, file electronic bundles (eBundles) for case
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
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