Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

‘By way of business’ in UK financial regulation: FSMA 2000, By Way of Business Order, sector-specific guidance, key cases and consequences

Published by a LexisNexis Financial Services expert

Practice notes

An activity counts as a regulated activity only when it is undertaken by way of business in the UK. The Financial Services and Markets act 2000 (fsma 2000) does not define that phrase, so it retains its ordinary meaning. Deciding whether an activity is conducted by way of business is ultimately a matter of judgment. There are, nonetheless, particular circumstances in which activities will be regarded as by way of business, identified for a limited set of activities by the Treasury under its FSMA 2000 powers. This Practice Note outlines how HM Treasury’s interpretation of business applies to those categories of activity. For details on whether an activity is a regulated activity, see Practice Note: What are regulated activities? For further information on the carrying on of regulated activities in the UK, see Practice Note: Territorial scope of the general prohibition.

Treasury definitions of 'by way of business'

The Treasury has authority under FSMA 2000 to modify the business element by specifying inclusions within, or exclusions from, the term ‘by way of business’...

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Web page updated on 21/05/2026

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