Exclusions applying to several specified kinds of activity
Published by a LexisPSL Financial Services expert

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

  • Exclusions applying to several specified kinds of activity
  • Background to exclusions which apply to several kinds of activity
  • MiFID, IDD and MCD overrides
  • MiFID override
  • IDD override
  • MCD override
  • 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
  • More...

Exclusions applying to several specified kinds of activity

Background to exclusions which apply to several kinds of activity

Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), a person cannot carry out regulated activities in the UK unless that person is authorised or exempt. This is known as the general prohibition. For more information about the general prohibition and its territorial scope, see Practice Notes: The general prohibition and implications of its breach and Territorial scope of the general prohibition.

'Regulated activities' are defined as including specified activities carried on by way of business that relate to ‘specified investments’ or property of any kind to which the specified activity relates. ‘Specified’ for these purposes means specified by HM Treasury. The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO) sets out a number of activities and investments which are so specified. For further information on what constitutes regulated activities, see Practice Note: What are regulated activities? For more information about what 'by way of business' means in relation to insurance, see Practice Note: What does 'by way of business' mean?

This Practice Note explains the exclusions from the general prohibition which apply to several specific kinds of activity and which are additional to those for regulated activities generally. In addition to exclusions which are specific to particular types of regulated activity,

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