Section 19 The general prohibition.
United Kingdom
C1(1)
No person may carry on a regulated activity in the United Kingdom, or purport to do so, unless he is—
(a)
an authorised person; or
C2(b)
an exempt person.
(2)
The prohibition is referred to in this Act as the general prohibition.
Annotations
Modifications
- C1
S. 19(1) excluded (temp.) by S.I. 2013/1773, reg. 72(6B)(a) (as inserted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(5)(b))(as amended by S.I. 2014/1313, arts. 1, 2(a))
- C2
S. 19(1)(b) modified by S.I. 2018/1149, reg. 47 (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 3)