Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Exclusions definition

What does Exclusions mean? In financial services practice, exclusions are statutory carve‑outs that mean an activity which would otherwise be a regulated activity is treated as unregulated if defined conditions are met. Across the UK (England & Wales, Scotland and Northern Ireland), exclusions are set out in the financial services and markets act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (the RAO), made under FSMA 2000. The RAO specifies activities and investments and, for many of them, provides exclusions. If an exclusion applies, the activity is not a “regulated activity” for FSMA purposes (including section 22), so the general prohibition and FCA authorisation requirement...

Exclusions from UK regulated investment activities under FSMA/RAO: general prohibition, MiFID override, and carve‑outs for dealing, arranging, managing, safeguarding, MTFs/OTFs, UCITS/AIF, advising and funeral plans

Published by a LexisNexis Financial Services expert

Practice notes

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This Practice Note outlines various Exclusions that may apply to particular regulated activities connected with Investments. It provides a concise overview of the key principles of financial services regulation. In particular, it introduces the concept of the ‘General prohibition’ in section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), which states that a person must not undertake regulated activities in the UK unless that person is authorised or exempt...

The general prohibition

Under FSMA 2000, s 19, carrying on regulated activities in the UK is not permitted unless the person is authorised or exempt; this is known as the general prohibition. For details on the territorial reach of the general prohibition, see Practice Note: Territorial scope of the prohibition...

According to FSMA 2000, s 31, an authorised person is someone who:

has been granted permission by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) under FSMA 2000, Part 4A to carry on specified regulated activities
is a Gibraltar-based person holding a Schedule 2A permission to conduct one or more regulated activities

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Web page updated on 21/05/2026

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