Regulated activities—exempt persons

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

  • Regulated activities—exempt persons
  • Exemptions under FSMA 2000
  • Appointed representatives
  • Recognised investment exchanges and recognised clearing houses
  • Members of Lloyd's
  • Members of the professions
  • Exemptions under the Exemption Order
  • Any regulated activity other than insurance business
  • Accepting deposits
  • Article 5(1) activities under the Exemption Order
  • More...

Regulated activities—exempt persons

In this Practice Note, references to exemptions relate to persons who are exempt from the need to apply for authorisation from the Prudential Regulation Authority (PRA) or Financial Conduct Authority (FCA) to carry out regulated activities. There are various exemptions to the general prohibition contained in section 19 of .the Financial Services and Markets Act 2000 (FSMA 2000) which are set out under the:

  1. FSMA 2000 itself, and

  2. Financial Services and Markets Act 2000 (Exemption) Order 2001, SI 2001/1201 (Exemption Order).

Where an exemption applies, people who would ordinarily be carrying out regulated activities will not be seen as doing so.

These exemptions are in addition to the exclusions to the specified activities set out under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). For more information about exclusions contained in the RAO, see Practice Notes: Exclusions applying to several specified kinds of activity, 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.

This Practice Note explains who is exempt from the general prohibition; however, there is no general provision for a person to apply for an exemption.

An exemption can be either be:

  1. limited to specific circumstances, eg where another person who is authorised and has the relevant permission under FSMA 2000, Pt

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