What are regulated activities?

Published by a ��Ӱ�� Financial Services expert

Practice notes

What are regulated activities?

Published by a ��Ӱ�� Financial Services expert

Practice notes

Scope of this Practice Note

This Practice Note explains what constitutes regulated activities under the UK regulatory regime. In particular, it looks at the specified activities and specified investments contained in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). An authorised person can only carry out regulated activities for which they have been given specific permission by the either the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA) (depending on the regulated activities carried on) under each regulator's respective authorisation process. This Practice Note also touched on the Designated activities regime introduced by the Financial Services and Markets Act 2023 (FSMA 2023).

The General prohibition and the authorisation regime

Under the general prohibition a person cannot carry out a regulated Activity, or purport to carry out a regulated activity, in the UK unless they are either:

•
an authorised person, or
•
an exempt person

An authorised person can only carry out regulated activities for which they have been given specific permission by the either the FCA or Prudential Regulation

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Jurisdiction(s):

United Kingdom

Key definition:

General prohibition definition

What does General prohibition mean?

Under Section 19 of the financial services and markets act 2000, a person is prohibited from carrying on a regulated activity unless they are authorised or an exempt person.

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