Jurisdiction(s):
United Kingdom

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). -...

FSMA 2000 exemptions from FCA/PRA authorisation: appointed representatives, recognised investment exchanges and clearing houses, Lloyd’s members, the professions, and Treasury Exemption Order classes; RAO exclusions cross-referenced.

Published by a LexisNexis Financial Services expert

Practice notes

Background to this Practice Note

Section 19 of the Financial Services and Markets Act 2000 (FSMA 2000) bars any person from undertaking regulated activities in the UK—or even holding themselves out as doing so—unless they are duly authorised or fall within an available exemption. This is commonly termed the General prohibition. In this Practice Note, references to exemptions concern persons who are relieved from applying to the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA) for the authorisation needed to perform regulated activities.

For further detail on the general prohibition, in particular, see Practice Note: The general prohibition and implications of its breach.
For additional practical guidance on regulated activities, see the Practice Note: What are regulated activities?
For discussion of the territorial scope of the general prohibition and the meaning of carrying on regulated activities by way of business, see Practice Notes: Territorial scope of the general prohibition and What does 'by way of business' mean?...

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Web page updated on 21/05/2026

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