Exclusion meaning

Regulated activities and exclusions Section 19 of the Financial Services and Markets Act 2000 (FSMA 2000) bars any individual or entity from undertaking, or holding themselves out as undertaking, a regulated activity in the UK unless they are authorised or exempt under FSMA 2000 (the General Prohibition). Usefully, most activities specified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO) are carved out by exclusions. Where you conduct a given activity in a manner that fits an exclusion, you will not contravene the General Prohibition. For additional detail on the General Prohibition, see Practice Notes The general prohibition and implications of its breach and Carrying on unauthorised business and breaching the general prohibition. Most RAO regulated activities are subject to exclusions that can be used where applicable. Exclusions fall into two groupings: exclusions tailored to a specific regulated activity; and exclusions that, in defined situations, span several regulated activities...

Evidence of bad character Specify the impugned bad character material. Check: whether the evidence of bad character falls within the meaning of 'bad character' in section 98 of the Criminal Justice Act 2003 (CJA 2003) Outline the grounds said to justify refusing admission. Identify: the statutory gateway(s) in dispute any other basis for exclusion, eg unfairness under section 78 of the Police and Criminal Evidence Act 1984 (PACE 1984) and/or CJA 2003, s 101(3) (exclusion under gateway 101(1)(d) (propensity) or s 101(1)(g) (attack on another person's character)) or s 103(3) (unjust to admit convictions by reason of the age of the conviction) why the evidence is not relevant Address each ground of objection in order, by reference to the appropriate statutory gateway(s) (CJA 2003, ss 102–106). See Practice Notes: Admissibility of defendant's bad character in criminal proceedings and Admissibility of bad character as...

Checklist: reporting restriction orders in family proceedings This checklist sets out the steps to consider when applying for a reporting restriction order in family proceedings, including preliminary matters such as jurisdiction, any alternative statutory provision and grounds for exclusion. It explains notifying the media through the Press Association Injunction Applications Alert Service, and notifying other parties. It also covers the duration and scope of reporting restriction orders under the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, the Practice Note (Official Solicitor: Deputy Director of Legal Services: Cafcass: Applications for reporting restriction orders) (also known as the Cafcass Practice Note), and the reporting restriction order standard order. A reporting restriction order is a court order restricting the publication or dissemination of certain information by media representatives or duly authorised lawyers about court proceedings. Its primary purpose is to protect the identities of those involved in the proceedings, such as children or incapacitated adults, where publication could cause harm, distress or a breach of privacy. ...

Background to and scope of this flowchart An individual who conducts a regulated activity in the UK in the course of business, where no relevant exclusion or exemption applies, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). For details and context on the consequences of carrying on a regulated activity without authorisation, consult Practice Note: The general prohibition and implications of its breach. For an explanation of what it means to carry on business in the UK, see Practice Notes: What does 'by way of business' mean? and Territorial scope of the general prohibition. For guidance on exemptions and exclusions that may apply in particular circumstances, refer to Practice Notes: Regulated activities—exempt persons and Exclusions and exemptions relating to the general prohibition—an introduction...

Aim of this flowchart Under section 19 of the Financial Services and Markets Act 2000, anyone who carries on a regulated activity in the UK in the course of business, without an applicable exclusion or exemption, must hold authorisation from the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA). This requirement is referred to as the general prohibition. For further detail on the general prohibition and the scope of regulated activities, consult the Practice Notes: The general prohibition and implications of its breach, and What are regulated activities? This flowchart is intended to assist in deciding whether a person is undertaking the regulated activities of effecting and carrying out contracts of insurance as principal, pursuant to article 10(1) and (2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). Any references here to PERG are to the FCA’s Perimeter Guidance Manual, which provides regulatory guidance within the FCA Handbook. It serves as a guide to the FCA Handbook...

Background to and scope of this flowchart On 31 October 2004—often called ‘M Day’—providers and brokers involved in regulated mortgage contracts (RMCs) came within the regulatory perimeter. Any individual or firm undertaking a regulated activity in the UK in the course of business, where no relevant exclusion or exemption applies, is required to hold authorisation under the Financial Services and Markets Act 2000 (FSMA 2000)...

Representation of Zedra Trust Company (Suisse) SA re C and D Trusts [2023] JRC 213 What are the practical implications of this case Although resolved on its own facts, the court offered broadly useful guidance for trustees managing dynastic trusts intended to support multiple generations. As a family’s philosophy evolves, trustees should assess whether the trust still embodies that shift and, if not, consider whether substantive modifications are required. The ruling will interest practitioners as it confronts public policy and human rights considerations within the framework of trust deed provisions and settlors’ expressed wishes. It underlines that letters of wishes are not binding on trustees, and certainly not on the court, and demonstrates judicial backing for a trustee departing from a settlor’s clear wishes to prevent family discord, here arising from the exclusion of the female line from benefitting from the Trusts. In short, the decision encourages trustees of long‑running family trusts to think carefully about alignment with changing family...

In this issue: Banking and Finance case round-up Lending Security Debt capital markets Derivatives Regulation for derivatives lawyers Securitisation and structured products Restructuring Technology in banking & finance transactions Regulation for banking lawyers Scotland Daily and weekly news alerts New and updated content Useful information Banking and Finance case round-up Banking & Finance—November 2024 case round-up For a summary of the cases we flagged in Banking & Finance during October 2024, refer to News Analysis: Banking & Finance—November 2024 case round-up. Lending Re KRF Services (UK) Ltd [2024] EWHC 2978 (Ch) The judgment addressed a High Court application for an administration order, heard in that court, and centred on two key points of interest: (i) whether the sole director’s resolution to seek an administration order was effective; and (ii) the effect of the sanctions regime. On the first question, the court examined the company’s unamended Model...

JP Morgan International Finance Ltd v Werealize.Com Ltd; Karonis and others v JP Morgan International Finance Ltd [2025] EWHC 1842 (Comm) What are the practical implications of this case? The ruling delivers valuable guidance on cross-border enforcement of exclusion of liability clauses and on the situations in which ASI relief will be granted to shield such bargains. Key consequences for commercial practitioners include: Drafting immunity and exclusion clauses: the court held that where parties agree that none owes a duty of care, or tortious liability, they have by implication undertaken not to commence proceedings alleging such responsibility. This stands as a significant authority supporting the enforceability of wide immunity clauses. Commercial drafters should consider whether express ‘no sue’ undertakings offer greater certainty than reliance on implied terms Third party protection: the court’s reasoning showed that directors could benefit from immunity clauses via agency mechanisms (clause 33), even though they are not full parties to other elements of the agreement, illustrating how contractual structures...

This Practice Note provides an introduction to the overall structure of the United Nations Commission on International Trade Law Arbitration Rules (the UNCITRAL Rules). The UNCITRAL Rules occupy a significant role in contemporary arbitration practice. They are crafted for ad hoc international commercial arbitrations—proceedings not administered by an arbitral institution and, typically, not conducted under that institution’s rules. The Rules may likewise be employed in investor–state arbitrations commenced under a treaty, such as a bilateral investment treaty, where the treaty permits arbitration conducted under those rules. Unless the parties stipulate otherwise, the UNCITRAL Rules govern arbitration agreements concluded on or after 15 August 2010, ie the date the revised Rules took effect. The earlier 1976 UNCITRAL Rules continue to apply to all arbitration agreements entered into before that date. Both the 1976 and 2010 UNCITRAL Rules are separate from UNCITRAL’s Model Law on International Commercial Arbitration, adopted in 1985 and revised in 2006, which has been adopted (often with modifications) by more than 50 jurisdictions—see Practice Note: The UNCITRAL...

Pre-emption rights on allotment Pre-emption rights on allotment provide every shareholder in a company with a means to guard against dilution of their percentage stake where this could result from a share allotment, the issue of rights to subscribe for shares, the conversion of securities into shares, or a disposal of treasury shares by that company. This Practice Note addresses the pre-emption rights applicable to an allotment of equity securities by a public company that is neither a listed company nor an AIM company (that is, an unlisted public company), as prescribed in the Companies Act 2006 (CA 2006). Close attention should be paid to the breadth of those statutory pre-emption rights, because an unlisted public company must observe them to the extent that they have not been disapplied, varied, waived, or excluded and ensure that it complies with them to that extent...

Introduction This Practice Note is part of our LLB Contract Law suite, aimed at students. In contract law, a vitiating factor is something that damages the legal validity of the consent needed for a binding agreement. One such factor is misrepresentation, where one party makes a false statement to another. This Practice Note outlines misrepresentation in English contract law, showing how inaccurate pre-contract statements undermine real consent and render contracts voidable rather than void. It sets out the elements of an actionable claim (a false statement of fact or law, inducement and attribution), separates fraudulent, negligent and innocent misrepresentation, and reviews the key cases alongside the Misrepresentation Act 1967. Particular emphasis is placed on remedies, especially rescission and damages, and on the equitable bars to rescission (affirmation, lapse of time, impossibility of restitution, third-party rights and judicial discretion). Throughout, it brings together judicial reasoning, policy considerations and exam-focused guidance, illustrating how modern case law balances fairness to the misled party with certainty in commercial transactions. Overview Definition and...

This Deed is executed on [ date ] Parties 1 [ insert name ] of [ insert address ] together with [ insert name ] of [ insert address ] (the Trustees ) and 2 [ insert name ] of [ insert address ] (the Appointor ) Background (A) This Deed supplements: (i) a trust (the Trust ) dated [ insert date ] and constituted by [ insert name ] and [ insert name ] and [ insert name ] (the Trust Deed ) and (ii) those deeds and events set out in [ the ] the Schedule. (B) The Trustees are currently the trustees of the Trust. (C) The Appointor is the present Appointor of the Trust...

To: The individuals named in Schedule 1 to this letter [ insert names of Lenders ] From: [ insert name of solicitors for the Creditors' Committee or the name of the Chair ] Date: [ insert date ] Appointment of Creditors' Committee We refer to the conversations at the meeting of creditors convened by [ insert name of debtor company ] (the Company) concerning the proposed restructuring...

1 Model Articles 1.1 The Model Articles shall apply to the Company save to the extent that they are amended or disapplied by these Articles, or where they conflict with these Articles, and, subject to any such amendments, disapplications or inconsistencies, shall, together with these Articles, constitute the Company’s articles of association to the exclusion of any other articles or regulations contained in any statute, in any statutory instrument, or in any other subordinate legislation...

Such works may fall under section 105(1)(b) of the HGCRA 1996 Such works may fall within section 105(1)(b), which treats road maintenance as a construction operation covering the construction, alteration, repair, maintenance, extension, demolition or dismantling of works forming, or to form, part of land, including walls, roadworks, power lines, electronic communications apparatus, runways, docks, harbours, railways, inland waterways, pipelines, reservoirs, water mains, wells, sewers, industrial plant, and installations for land drainage, coast protection or defence. Alternatively, section 105(1)(e) catches operations integral to, preparatory for, or rendering complete those works, including site clearance, earth-moving, excavation, tunnelling, laying foundations, erecting, maintaining or dismantling scaffolding, site restoration, landscaping, and providing roadways and other access. No specific authority concerns these works, yet courts have often held that less orthodox activities are construction operations, for example: Baldwins Industrial Services plc v Barr: crane with driver hire held integral, preparatory to, or completing works under sections 105(1)(a) and (e). Some contracts are excluded from being a ‘construction...

Form LTBT1 Form LTBT1 is prescribed by the Regulatory Reform (Business Tenancies) (England and Wales) Order 2003, SI 2003/3096 (the Order). Where the parties intend to contract out of, or exclude, sections 24–28 of the Landlord and Tenant Act 1954 (LTA 1954), the Order stipulates that particular steps must be completed before any such agreement is concluded. Landlords frequently seek the flexibility of a contracted‑out lease, as it allows the tenancy to end on expiry of the term without the tenant acquiring a right to a new lease. Under the LTA 1954, the former position required court approval for a contracted‑out arrangement (the Pre‑2004 Procedure). The Order replaced that regime with a new process that obliges the landlord to serve a warning notice in, or in a form substantially similar to, that set out in SI 2003/3096. This notice must be given before the lease is granted or, if the parties propose to enter into an agreement for lease, before that agreement is made, because the tenant must receive...

Companies may face differing SDLT rates when purchasing various categories of property, including residential, non-residential (commercial premises), or mixed-use assets, depending on the nature of the acquisition...