Dealing as agent meaning

Financial services developments FCA consults on crypto regime perimeter guidance The FCA has opened a consultation on draft perimeter guidance for the UK’s forthcoming crypto regime. It indicates that consultations on rules for the future cryptoasset framework are largely complete, with policy statements planned for summer 2026. This guidance consultation complements that work by clarifying which activities sit within scope, with a final policy statement expected in autumn 2026. Responses are requested by 3 June 2026. Feedback is invited on the FCA’s interpretation of the perimeter for the following regulated cryptoasset activities: issuing qualifying stablecoins in the UK safeguarding, or arranging the safeguarding of, qualifying cryptoassets and relevant specified investment cryptoassets running a qualifying cryptoasset trading venue dealing in qualifying cryptoassets as principal dealing in qualifying cryptoassets as agent arranging transactions in qualifying cryptoassets arranging staking of qualifying cryptoassets Sources: FCA consults on guidance on the UK’s future crypto regime; CP26/13: Cryptoasset perimeter guidance. The...

This Practice Note addresses the regulated activity of managing investments... Definition Managing investments is a regulated activity under article 37 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). It entails exercising discretion over assets that beneficially belong to another person, where those assets consist of, or include, any investment categorised as a ‘security’, a ‘structured deposit’ or a ‘contractually-based investment’. For further detail on what constitutes a ‘security’, a ‘structured deposit’ or a ‘contractually-based investment’, see Securities, structured deposits or contractually-based investments below)... The exercise of discretion This regulated activity only arises where the investment manager exercises discretion. Where portfolio management is non-discretionary—for example, the manager purchases shares strictly on client instructions, or simply receives and forwards client orders—the work is more likely to fall within another regulated activity, such as ‘dealing in investments, either as principal or agent’ (RAO SI 2001/544, arts 14 and 21) or ‘arranging deals in investments’ (RAO SI 2001/544, art 25)...

The general prohibition Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), no person may undertake regulated activities in the UK unless they are authorised or fall within an exemption. This is referred to as the general prohibition. For guidance on the territorial reach of this restriction, see Practice Note: Territorial scope of the prohibition. Under FSMA 2000, s 31, an authorised person is one who: has been granted permission by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) under FSMA 2000, Pt 4A to carry on specified regulated activities; or is a Gibraltar-based person with a Schedule 2A permission to carry on one or more regulated activities. Please note that this latter provision, inserted by section 22(1), (2) of the Financial Services Act 2021, is not yet in force...

ARCHIVED This archived Practice Note is not being maintained and is supplied for background purposes only. It covers the original Coronavirus (COVID-19) Job Retention Scheme (CJRS), first unveiled by the government on 20 March 2020, which applied from 1 March to 30 June 2020. For information on: the extended CJRS operating between 1 May and 30 September 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 May to 30 September 2021) [Archived] the extended CJRS in effect from 1 November 2020 to 30 April 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 November 2020 to 30 April 2021) [Archived] the revised CJRS running from 1 July to 31 October 2020, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 July to 31 October 2020) [Archived] The CJRS was a temporary initiative, originally intended to run for three months from 1 March 2020. On 17 April 2020, HM Treasury announced an extension to 30 June,...