(1) No person may carry on a regulated activity in the United Kingdom, or purport to do so, unless he is—
(a) an authorised person; or
(b) an exempt person.
(2) The prohibition is referred to in this Act as the general prohibition.
(1) If an authorised person [other than a PRA-authorised person] carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with permission—
[(a) given to that person under Part 4A, or]
(b) resulting from any other provision of this Act,
he is to be taken to have contravened a requirement imposed on him by the [FCA] under this Act.
[(1A) If a PRA-authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with permission given to the person under Part 4A or resulting from any other provision of this Act, the person is to be taken to have contravened—
(a) a requirement imposed by the FCA, and
(b) a requirement imposed by the PRA.]
[(2) A contravention within subsection (1) or (1A)—
(a) does not, except as provided by section 23(1A), make a person guilty of an offence,
(b) does not, except as provided by section 26A, make any transaction void or unenforceable, and
(c) does not, except as provided by subsection (3), give rise to any right of action for breach of statutory duty.]
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