The following Financial Services practice note Produced in partnership with BROWNRUDNICK provides comprehensive and up to date legal information covering:
The Financial Services and Markets Act 2000 (FSMA 2000) prohibits any person from carrying on a regulated activity in the UK unless they are an authorised or an exempt person. This is known as the general prohibition. A regulated activity is an activity of a specified kind (that is, one which is specified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 which is carried on by way of business in the UK. A breach of the general prohibition is a criminal offence punishable by a fine or imprisonment. For more information on the General Prohibition please see Practice Notes: The general prohibition and implications of its breach, Unauthorised business and the approach to enforcement—criminal proceedings, and Unauthorised business and the approach to enforcement—civil proceedings.
An agreement entered into by a person in the course of carrying out a regulated activity in contravention of the general prohibition (ie in the course of unauthorised business) is unenforceable against any other person and the other party to the agreement is entitled to recover any money or property paid or transferred under the agreement and compensation for any loss sustained as a result of having parted with the money or property. The court has the power where it is satisfied that it
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