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...

FSMA 2000 s19 general prohibition: UK exemptions and exclusions (FSMA, Exemption Order, RAO)—an introduction

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Practice notes

This Practice Note

This Practice Note offers an overview of the exemptions and Exclusions relevant to the General prohibition set out in section 19 of the Financial Services and Markets Act 2000 (FSMA 2000, s19). Those exemptions and exclusions are contained within the following instruments:

FSMA 2000 itself
The Financial Services and Markets Act 2000 (Exemption) Order 2001, SI 2001/1201 (Exemption Order)
The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO)

FSMA 2000, the Exemption Order and the RAO have each undergone a number of amendments since coming into force. This Practice Note addresses the most up-to-date iterations of these instruments. In this Practice Note, references to exemptions concern persons who are relieved from the requirement to seek prior authorisation from the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA) in order to undertake regulated activities. Such exempt persons may therefore engage in regulated activities without risking a breach of the general prohibition. References to exclusions concern activities which, if an exclusion applies, mean that the person undertaking the activity in question would not be carrying on a regulated activity in contravention of the general prohibition...

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Web page updated on 21/05/2026

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