The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note sets out a number of exclusions which can apply in relation to specific regulated activities that relate to investments. It briefly explains the fundamental concepts relating to financial services regulation. In particular, it sets out the concept of the 'general prohibition' under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000) (which provides that a person cannot carry out regulated activities in the UK unless that person is authorised or exempt).
Under FSMA 2000, s 19, 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 information about the territorial scope of the general prohibition, see Practice Note: Territorial scope of the prohibition.
An authorised person is a person who:
has been given permission by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) under FSMA 2000, Pt 4A to carry on certain regulated activities; or
is passporting its services into the UK under a EEA directive (eg the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II))
An exempt person is (in relation to the carrying on of a regulated activity) a person who is exempt from the general prohibition in respect of that activity as a result of being a person who:
falls within Financial Services and Markets
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Private nuisancePrivate nuisance is an unlawful interference with a person's use or enjoyment of land or some right over or in connection with it. Interference must be unreasonable, and may be caused, eg by water, smoke, smell, fumes, gas, noise, heat or vibrations. Where the defendant has not
What is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House of Lords decision in Re G
This Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the lack of privity, a contract has an indirect effect on a third
Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.