The following Financial Services practice note provides comprehensive and up to date legal information covering:
A Designated Professional Body (DPB), is a body that regulates and supervises members of the professions (ie solicitors, accountants, actuaries, licensed conveyancers and chartered surveyors), which are exempt professional firms under section 327 of the Financial Services and Markets Act 2000 (FSMA 2000). An exempt professional firm, is a person to whom the general prohibition does not apply.
A person must not carry on a regulated activity in the UK or purport to do so, unless authorised or exempt. This is what is referred to in UK Financial Services as the general prohibition. For more information on the general prohibition see Practice Notes Financial Services and Markets Act 2000—essentials — The general prohibition and regulated activities (FSMA 2000, Pt 2, Sch 2 and s 22A) and The general prohibition and implications of its breach. A regulated activity is any activity defined in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). For more information about regulated activities, see Practice Note: What are regulated activities?
There are various exemptions to the general prohibition which are set out under FSMA 2000 and the Financial Services and Markets Act 2000 (Exemption) Order 2001, SI 2001/1201 (Exemption Order). Where they apply, people who would ordinarily be carrying out regulated activities will not be seen as doing so. An exemption can either be:
limited to specific
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
Tipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities so that they could take steps to cover up their misdeeds or disappear.
Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be
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
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