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2 The General Prohibition and the Specified Investments

From: Financial Services Regulation in Practice

Simon Morris

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 20 January 2022

Subject(s):
Enforcement — Investment business — Regulated activities — Collective investment scheme

This chapter analyses the cornerstone of the UK system of financial services regulation: the ‘general prohibition’. The four elements of the general prohibition are reviewed. The possible offences (and related defences) associated with the general prohibition and carrying on a credit-related activity are explained. The enforceability of a variety of contracts entered into in breach of the general prohibition are considered. Each of the specified investments, activities, and exclusions contained in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) are explained. Particular attention is given to examining the restrictions on promoting Collective Investment Schemes (CIS).

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