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Jurisdiction(s):
United Kingdom
Related legal acts
Key definition
FSMA 2000 definition

What does FSMA 2000 mean? FSMA 2000 refers, in legal practice, to the UK’s core statutory framework for financial services regulation: the financial services and markets act 2000, as amended (including by the Financial Services Act 2012 and the Financial Services and Markets Act 2023). Practitioners use “FSMA 2000” to denote the regime setting the regulatory perimeter and the powers of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Key features include: - Regulated activities defined via the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO). - Authorisation and permissions (Part 4A) and threshold conditions. - The financial promotion restriction (section 21). -...

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UK FSMA 2000 regulatory perimeter: general prohibition, financial promotion restriction, specified activities/investments, by way of business, territorial scope, and approval gateway

Practice notes
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This FLASHCARD helps you take in or remember the key issues around the financial services ‘regulatory perimeter’ set out in Part II of the Financial Services and Markets Act 2000 (FSMA 2000).

What is the financial services regulatory perimeter?

The financial services regulatory perimeter consists of two central prohibitions that underpin it:

Breaching either prohibition is a criminal offence, and agreements entered into as a result of such breaches may not be enforceable. It is also an offence for a person who is neither authorised nor exempt to hold themselves out (in any terms) as authorised or exempt in relation to a regulated activity.

What is the general prohibition?

Set out in FSMA 2000, s 19, the general prohibition bars any person from carrying on a regulated activity in the UK, or claiming to do so, unless authorised or exempt.

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...

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Web page updated on 22/05/2026

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