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Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), a person cannot carry out regulated activities in the UK, or purport to do so, unless that person is authorised or exempt. This is known as the general prohibition. In this Practice Note, references to exemptions relate to persons who are exempt from the need to apply for authorisation from the Prudential Regulation Authority (PRA) or Financial Conduct Authority (FCA) to carry out regulated activities. For more information about the general prohibition, see Practice Note: The general prohibition and implications of its breach. For more information about regulated activities, see Practice Note: What are regulated activities? For information about the territorial scope of the general prohibition and what it means to carry on regulated activities by way of business, see Practice Notes: Territorial scope of the general prohibition and What does 'by way of business' mean?

There are various exemptions to the general prohibition contained in FSMA 2000, s 19 which are set out under the:

1. •

   FSMA 2000 itself, and

2. •

   Financial Services and Markets Act 2000 (Exemption) Order