Exclusions applying to several specified kinds of activity
Exclusions applying to several specified kinds of activity

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Exclusions applying to several specified kinds of activity
  • MiFID, IDD and MCD overrides
  • Trustees, nominees and personal representatives
  • Activities carried on in the course of a profession or non-investment business
  • Activities carried out in connection with the sale of goods or supply of services
  • Groups and joint enterprises
  • Activities carried on in connection with the sale of a body corporate
  • Activities carried on in connection with employee share schemes
  • Overseas persons
  • Information society services
  • more

In addition to exclusions which are specific to particular types of regulated activity, there are exclusions available for several kinds of activity which are set out under Chapter XVII (arts 66-72J) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO).

For information about exclusions which are specific to particular types of regulated activities, see Practice Notes: Exclusions specifically applying to accepting deposits, e-money and home finance transactions, Exclusions applying to the specified activities relating to investments and Exclusions applying to specified activities relating to insurance.

The diagram below outlines the exclusions and the following sections of this Practice Note describe them in more detail.

$1

MiFID, IDD and MCD overrides

The application of certain of the exclusions considered in this Practice Note is modified in relation to persons who are subject to the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II), the Insurance Distribution Directive (Directive 2016/97/EU) (IDD) and the Mortgage Credit Directive (Directive 2014/17/EU) (MCD).

MiFID override

As a result of the implementation MiFID II (which, together with the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) replaced the Markets in Financial Instruments Directive (Directive 2004/39/EC) on 3 January 2018), those whose regular business is the provision of investment services to third parties or the performance of investment activities on a professional