The following Financial Services practice note provides comprehensive and up to date legal information covering:
Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), no person may carry on a regulated activity in the United Kingdom, or purport to do so, unless the person is authorised by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA) or is an exempt person. This is known as the general prohibition. Under FSMA 2000, s 22, a regulated activity is a specified kind of activity that is carried on by way of business in the UK and which relates to a specified investment or, depending on the activity in question, 'property of any kind'. Specified activities and investments are those activities and investments that have specified as such in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (as amended) (RAO). For more information about the general prohibition, see Practice Note: The general prohibition and implications of its breach. For more information about regulated activities, see Practice Note: What are regulated activities?
As stated above, before a person needs to be authorised by the PRA and/or the FCA, the investments must come within the scope of the system of regulation under FSMA 2000. Ordinarily, for specified activities (which are set out in Part II of the RAO) to be regulated, they must be
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