Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Investments definition

What does Investments mean? In practice, investments are financial products or rights acquired with the expectation of income or capital growth, such as shares, bonds, fund units and derivatives. In UK financial services law, however, the regulated concept is “specified investments” under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). This defined list includes, among others, shares, debentures and loan stock, government and public securities, warrants, units in a collective investment scheme, options and futures, contracts for differences, and rights under a contract of insurance. Whether a firm must be authorised, may communicate financial promotions, or owes particular...

UK regulatory perimeter: specified investments and regulated activities under FSMA 2000 and the RAO (including securities, contractually based and relevant investments)

Published by a LexisNexis Financial Services expert

Practice notes

FSMA 2000 activities and Investments

Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), no one may conduct a regulated Activity in the United Kingdom, or hold themselves out as doing so, unless they are authorised by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA), or are an exempt person. This is referred to as the general prohibition.

Under FSMA 2000, s 22, a regulated activity is a specified category of activity carried on by way of business in the UK that relates to a specified investment or, depending on the activity, ‘property of any kind’.

Activities and investments are ‘specified’ where they are designated as such in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (as amended) (RAO).

For further details on the general prohibition, see Practice Note: The general prohibition and implications of its breach. For more on regulated activities, see Practice Note: What are regulated activities?

Regulated activities and property of any kind

As noted above, before a person is required to be authorised by the PRA and/or the FCA, the investments must fall within the scope of...

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Web page updated on 22/05/2026

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