Non-mainstream regulated activities meaning

SM&CR—timeline This Practice Note charts policy and guidance progress and change on the SM&CR, along with key milestone dates, from 1 January 2025 onwards. For more detailed information and LexisPSL material on the SM&CR, see SM&CR and approved persons regime—overview. For a concise primer on the SM&CR, with additional notes on forthcoming developments, see Practice Note: SM&CR—one minute guide. For all activity before 1 January 2025, see: SM&CR—policy development and key dates—to 31 December 2024 [Archived]. For culture, diversity and inclusion (D&I), and non-financial misconduct related updates, see: Culture and social governance in financial services—timeline. Date Source Documents Description 23 January 2026 FCA FCA invites views on additional rules for cryptoasset firms CP26/4: Application of FCA Handbook for regulated cryptoasset activities – part 2 CP26/4: Application of FCA Handbook for regulated cryptoasset activities II [PDF] As a continuation of consultations on cryptoasset regulation, the FCA is seeking input on how it will categorise cryptoasset firms for the SM&CR. Consistent with its commitment in CP25/25 (paragraphs...

The defined terms in the flowchart shall have the following meaning: Appointed Representative Regulations — the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001, SI 2001/1217 Business Order — the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001, SI 2001/1177 Exemption Order — the Financial Services and Markets Act 2000 (Exemption) Order 2001, SI 2001/1201 Non-Exempt Activities Order — the Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001, SI 2001/1227 PRA-regulated activities — denotes regulated activities designated as PRA‑regulated activities under the Financial Services and Markets Act 2000 (PRA‑regulated Activities) Order 2013, SI 2013/556 RAO — the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 UCITS qualifier — carries the meaning attributed to it in the Glossary of the Financial Conduct Authority (FCA) Handbook To determine whether an activity is regulated, follow the flowchart below. Click below to view or print...

In this issue: Prudential requirements Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK MiFID II Consumer credit, mortgage and home finance Regulation of insurance FSMA regulated pensions activity Payment services and systems Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Prudential requirements COREPER asked to endorse agreement on CCP concentration risk treatment After the European Parliament adopted, in April 2024, a proposal for a directive of the Parliament and the Council to amend Directive 2009/65/EC (UCITS), Directive 2013/36/EU (CRD IV) and the Investment Firms Directive (EU) 2019/2034 (IFD), the Council of the EU’s General Secretariat released an ‘I/A’ Item Note inviting the Council’s Permanent Representatives Committee (COREPER) to confirm its agreement...

In this issue: UK, EU and international regulators and bodies Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Packaged Retail and Insurance-based Investment Products (PRIIPs) Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK MiFID II EU MiFID II Consumer credit, mortgage and home finance Payment services and systems Fintech and cryptoassets Regulation of AI in FS LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts Dates for your diary UK, EU and international regulators and bodies Treasury Select Committee publishes letter from FCA CEO following recent evidence session The House of Commons (HoC) Treasury Select Committee (TSC) has issued a letter dated 30 April 2025 from Nikhil...

In this issue: Coronavirus (COVID-19) business interruption Ukraine conflict Market practice UK Regulation FCA publishes results of non-financial misconduct survey EU Regulation Case trackers Key dates Daily and weekly news alerts LexTalk®Insurance: a Lexis®Nexis community Coronavirus (COVID-19) business interruption Allianz sees off bid to reinstate coronavirus (COVID-19) claim (International Entertainment Holding Ltd and others v Allianz Insurance Plc) On 28 October 2024, the Court of Appeal concluded the insurer’s policy did not respond to losses stemming from government-imposed lockdowns, preventing a theatre operator from reviving its business interruption claim. See News Analysis: Allianz beats theatre business attempt to revive coronavirus (COVID-19) claim. Ukraine conflict Russian airline kept jets to avert unrest (AerCap Ireland Ltd v AIG Europe SA and another) At a London trial on 24 October 2024, an executive for one of the aircraft lessors said a Siberian regional carrier had to keep leased planes following 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 SRA Standards and Regulations allow law firms and legal service providers to organise their businesses in several formats, depending on whether they deliver reserved legal activities. Options comprise: a single SRA-regulated entity delivering both reserved and non‑reserved services an SRA‑regulated entity delivering reserved legal services, with some or all non‑reserved work carried out by a separate, non‑SRA regulated business (which, importantly, may employ SRA‑regulated solicitors) a non‑SRA regulated entity supplying only non‑reserved legal services, employing SRA‑regulated solicitors a freelance solicitor—see Practice Note: Dealing with freelance solicitors This Practice Note offers guidance to law firms on running a separate business, including allocating parts of a client matter between the law firm and the separate business, which will entail unbundling legal services. It reflects the Legal Services Act 2007 (LSA 2007) and the SRA Standards and Regulations, together with separate business guidance issued by the SRA. Unless stated otherwise, references in the Practice Note to: ‘solicitor’ includes Registered European...

Banking regulation—Luxembourg—Q&A guide This Practice Note provides a jurisdiction-specific Q&A on banking regulation in Luxembourg, published in the Lexology Getting the Deal Through series by Law Business Research (law stated as at 7 February 2023). Authors: Loyens & Loeff—Adrien Pierre; Vanesa Gomez Pena. 1. What are the principal governmental and regulatory policies that govern the banking sector? Luxembourg is a leading financial centre, so nurturing the financial industry is a core policy aim. The Ministry of Finance partners with Luxembourg for Finance (the agency for the development of the financial centre) to promote, expand and diversify the Luxembourg financial centre, while identifying new opportunities. Digitalisation. Anti-money laundering and countering the financing of terrorism (AML/CFT). Sustainable finance. Financial education. Policies are being adapted as needed to respond to the covid-19 pandemic, to which the sector has shown strong resilience. 2. What are the defining characteristics of a bank to be caught by the banking laws and regulations? Is...

An Agreement dated [ date ] regulating the carrying on and conduct of Insurance Business between: 1 [ Full name of insurance company ][ (insert company acronym) ], incorporated and registered in [ country ] with company number [ number ], whose registered office is at [ registered office address OR (the Insurer) full name of Managing Agent ], on behalf of the underwriting members of all Lloyd’s syndicates it manages from time to time (the Managing Agent), AND 2 [ Full name of broking company ], incorporated and registered in [ country ] with company number [ number ], whose registered address is at [ registered office address ] (the Broker) (collectively, the “Parties”, and each separately a “Party” herein) AGREED TERMS 1 Definitions and interpretation 1.1 The definitions and rules of interpretation apply to this Agreement as follows: ADR Notice: has the meaning set out in clause 25.2. Agreement: refers to this contract, the “Terms of Business Agreement Non Risk Transfer...

Adverse possession When a person has exercised factual control over land owned by someone else for a defined period, intends to possess it, and does so without the landowner’s consent, he may have grounds to seek to be registered formally as the owner of that land on the register as such owner. This situation is described as adverse possession (also labelled ‘squatter’s rights’) and, from 13 October 2003, has been regulated by the Land Registration Act 2002 (LRA 2002). Before the LRA 2002 came into force, the doctrine operated under the common law, with the leading modern authority being the decision in J A Pye (Oxford) Ltd v Graham...