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This is the regulated activity of giving advice to a person in his capacity as a potential investor, or agent, as to the merits of buying or selling a particular investment (article 53 of the Regulated Activities Order).
The wording of this activity is widely drafted. Exempt professional firms are prohibited from giving investment advice in certain scenarios as described in the Scope Rules.
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Drafting a building contract/schedule of amendments鈥攃hecklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method鈥攃onstruction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters 鈥 Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor鈥檚 company number and name at Companies House. 鈥 Obtain consultants鈥 details Confirm the full details of the consultants engaged by the employer; some...
EU EMIR鈥攖imeline This timeline shows key developments relating to Regulation (EU) 648/2012 (EU EMIR) from January 2024 onwards. For earlier developments, see European Market Infrastructure Regulation (EMIR)鈥攖imeline [Archived]. 2025 Date Source Document Description 8 April 2025 ESMA ESMA consults on clearing thresholds under EMIR 3 The European Securities and Markets Authority (ESMA) has published a consultation paper on new clearing thresholds under the review of the European Market Infrastructure Regulation (EU) 2024/2987 (EMIR 3) 鈥攑art of ESMA's mandate to develop regulatory technical standards (RTS) on clearing thresholds. The paper seeks input on revised clearing thresholds, hedging exemptions for non-financial counterparties, and a trigger mechanism for reviewing the thresholds. The focus is on a revised clearing threshold methodology on the activity in over the counter (OTC) derivatives not cleared at an authorised or recognised central counterparty (CCP). The aim is to ensure a proportionate clearing obligation regime for entities with significant OTC derivatives activity and large uncleared positions. Responses are due by 16 June 2025, with a final report...
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Regulated activities鈥攇eneralThe聽Financial Services and Markets Act 2000聽(FSMA 2000) regulates home finance transactions. FSMA 2000, s 19(1) provides that a person (meaning any person, including a body of persons corporate or unincorporate (that is, a natural person, a legal person and, for example, a partnership)) cannot carry on a regulated activity in the UK unless they are an authorised person or exempt.聽For more information about exemptions relating to the regulated activity of entering into regulated credit agreements as lender, see Exclusions鈥擡xclusions of general applicability below.For more information about regulated activities, see Practice Note: What are regulated activities?In accordance with FSMA 2000, s 22, for an activity to constitute a regulated activity, it must be carried out 'by way of business'. According to FCA guidance, whether or not an activity is carried on by way of business will depend on several factors, including the scale of the activity, the degree of continuity, the existence of a commercial element and the nature of the particular regulated activity (see guidance 2.3.3 of the Financial...
This Practice Note covers the regulated activities of providing basic advice to retail consumers on stakeholder products and of advising on: 鈥ecurities, structured deposits and relevant investments鈥oan-based crowdfunding agreements, and 鈥he conversion or transfer of pension benefitsProviding basic advice to retail consumers on stakeholder productsProviding basic advice to retail consumers on stakeholder products is a regulated activity under article 52B of the Financial聽Services and聽Markets聽Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). This activity covers advice in the form of a recommendation given by a person (P), in聽the course of a business that P carries on, to a 鈥榬etail聽consumer鈥. The recommendation must relate to a聽stakeholder product聽and certain conditions relating to the provision of basic advice must be met.聽A retail聽consumer is any person who is advised by P giving the basic advice on the merits of opening or buying a stakeholder product in the course of a business carried on by P and who does not receive the advice in the course of a business carried on by him:鈥聽stakeholder CTF鈥聽stakeholder pension...
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Letter recommending insurance鈥攄emands and needs鈥攍aw firms 聽 We have reached a stage in your matter where we believe it would be in your best interests to buy [insert type of insurance]. We have suggested you buy the insurance from [state name of insurance provider to whom you have introduced the client for insurance or who has given you delegated authority to issue a policy]. This is something we have already discussed and you have agreed that we will [state what you will do to arrange the insurance, eg complete and submit a proposal form on your behalf or issue the policy under delegated authority]. You have consented to us disclosing relevant personal data and information to [state name of insurance provider] for this purpose. Fees, charges and commission Insurance premium The [insert type of insurance] insurance policy costs 拢[insert amount or where it is not possible to give a specific amount, the basis for the calculation of the premium]. This is called the 'insurance premium'. [Explain what you...
Letter鈥攖o witness regarding giving evidence and procedure at tribunal hearing [Insert name and address of witness] Private and confidential Dear [insert name] [Insert name] Employment tribunal claim Employment tribunal hearing [insert date] Further to our recent [correspondence OR discussions], I write in order to provide you with some information as to the tribunal procedure, and what to expect at the hearing listed for [insert date], at which you have agreed to appear as a witness. Before the hearing It would be most helpful if, before the hearing, you familiarise yourself with your witness statement and any documents that I have sent to you for the purposes of this hearing. As discussed when we prepared your witness statement, it is very important that you are happy with its contents, as the more confident you are with your statement, the easier you will find the experience of giving evidence and the better your evidence will come across to the tribunal. If you have any questions regarding your statement,...
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Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: 鈥 a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person 鈥 a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom 鈥 a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...
Is it acceptable for a liquidator and the only creditor in an insolvency situation to be represented by the same solicitor? Or is this a conflict? Both insolvency practitioners (IPs) and solicitors are members of professions that are governed by separate ethics codes. Both IPs and solicitors, before accepting an appointment or an instruction, should carry out documented procedures to ensure that there would not be a conflict of interest or breach of their ethics code in accepting the appointment or instruction. The question does not specify whether the conflict concerned would be for the solicitor or the IP and although both issues are considered, this answer deals primarily with the IP and whether the IP would have a conflict of interest. The insolvency ethics code sets out a framework approach that is to be followed in all cases to establish whether there is a conflict of interest. The IP should first of all assess whether there are any threats to the fundamental principles of integrity,...
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This edition of the Sustainable finance and ESG monthly round-up from the Finance Group includes: (1) IFRS Foundation and TNFD sign MoU to enhance nature-related financial disclosures in capital markets, (2) IFRS Foundation announces ISSB's proposed amendments to IFRS S2 on greenhouse gas emissions disclosures and (3) LMA publishes updated green, social and sustainability-linked loan principles.
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19 聽The general prohibition(1)聽聽聽聽 No person may carry on a regulated activity in the United Kingdom, or purport to do so, unless he is鈥(a)聽聽聽聽 an authorised person; or(b)聽聽聽聽 an exempt person.(2)聽聽聽聽 The prohibition is referred to in this Act as the general prohibition.
Financial Services and Markets Act 20002000 CHAPTER 8An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.[14th June 2000]BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:鈥擯art I .聽.聽.1聽.聽.聽..聽.聽.2聽.聽.聽..聽.聽.3聽.聽.聽.[3A聽.聽.聽.]4聽.聽.聽.5聽.聽.聽.6聽.聽.聽.[.聽.聽.][6A聽.聽.聽.].聽.聽.7聽.聽.聽..聽.聽.8聽.聽.聽.9聽.聽.聽.10聽.聽.聽.11聽.聽.聽..聽.聽.12聽.聽.聽.13聽.聽.聽..聽.聽.14聽.聽.聽.15聽.聽.聽.16聽.聽.聽.17聽.聽.聽.18聽.聽.聽.[Part 1A The Regulators][Chapter 1 The Financial Conduct Authority][The Financial Conduct Authority][1A聽The Financial Conduct Authority][The FCA's general duties][1B聽The FCA's general duties][1C聽The consumer protection objective][1D聽The integrity objective][1E聽The competition objective][Interpretation of terms used in relation to FCA's general duties][1F聽Meaning of 鈥渞elevant markets鈥 in strategic objective][1G聽Meaning of 鈥渃onsumer鈥漖[1H聽Further interpretative provisions for sections 1B to 1G][1I聽Meaning of 鈥渢he UK financial system鈥漖[Modifications applying if core activity not regulated by PRA][1IA聽Modifications applying if core activity not regulated by PRA][Power to amend objectives][1J聽Power to amend objectives][Recommendations][1JA聽Recommendations by Treasury in...
Advising is referenced 2 in UK Parliament Acts
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