- 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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