Under article 60N(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544, (RAO), entering into a regulated consumer hire agreement as owner in the UK, by way of business, constitutes a regulated activity. Additionally, under article 60N(2) of the RAO, exercising, or having the right to exercise, the owner's rights and duties under such an agreement is also a regulated activity. This Practice Note examines the scope of these regulated activities, the definition of a regulated consumer hire agreement, exemptions under RAO, SI 2001/544, arts 60O–60Q, other exclusions available under RAO, SI 2001/544, art 60R and exemptions that may be available under the Financial Services and Markets Act 2000 (Exemption) Order 2001, SI 2001/1201 (the Exemption Order 2001). Regulated activities—general Section 19(1) of the Financial Services and Markets Act 2000 (FSMA 2000) imposes a general prohibition on carrying on regulated activities in the UK unless the person is either authorised or exempt. In accordance with FSMA 2000, s 22, for an activity to constitute a regulated activity, it must be carried on 'by way of