| 1 | A guide to PLC Financial Services' MiFID materials This practice note acts as an index to PLC Financial Services' resources on the Markets in Financial Instruments Directive (2004/39/EC) (MiFID) and its implementing legislation. It links to materials on the UK's implementation of MiFID, the European Commission's review of MiFID and the Commission's legislative proposals to amend MiFID (also referred to as MiFID II or MiFID 2). | Practice note: overview | Maintained |
| 2 | A guide to PLC's materials on regulated activities A guide to PLC's materials on regulated activities, including information about the general prohibition contained in the Financial Services and Markets Act 2000 (FSMA), specified investments and specified activities in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO), the business test, territorial scope and exemptions. | Practice note: overview | Maintained |
| 3 | Derivatives: overview (UK) An overview of derivatives, including an explanation of common types of derivatives, the key documentation and parties. The note also contains a link to a detailed note on derivatives in the United States. | Practice note: overview | Maintained |
| 4 | Hot topics: Banking Reform Bill A note outlining the progress of the UK government's proposals for the Financial Services (Banking Reform) Bill (also referred to as the Banking Reform Bill). The main aim of the Bill is to give HM Treasury and the relevant regulators powers to implement the recommendations of the Independent Commission on Banking (ICB) on ring-fencing requirements for the banking sector. For more information on the recommendations of the ICB, see Practice note, The Vickers report on banking. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 5 | Insurance sector hot topics: resources overview An overview of the key hot topics for the UK insurance industry, which links to separate hot topics practice notes for each of the topical issues identified. Each of the separate hot topics practice notes outlines a particular topic, tracks its development and sets out the milestones for future development. In addition, each of the separate notes contains links to key primary source material and related PLC Financial Services Legal updates. For information on the hot topics affecting the financial services sector generally, see Practice note, Financial Services hot topics: resources overview. | Practice note: overview | Maintained |
| 6 | Introduction to regulated activities: the general prohibition An introduction to the main provisions in and under the Financial Services and Markets Act 2000 (FSMA) that govern the regulation of financial services in the UK. In particular, this note considers the elements of the general prohibition against carrying on regulated activities in the UK without being authorised or exempt, including the definition of regulated activities, territorial scope and the main consequences of breaching the general prohibition. | Practice note: overview | Maintained |
| 7 | MiFID: overview In this practice note, Hugh Merritt, Senior Associate at Hogan Lovells, provides an overview of the purpose and key provisions of the Markets in Financial Instruments Directive (2004/39/EC). It covers: MiFID's structure. How MiFID was implemented in the UK. Whom MiFID affects. Key aspects of MiFID for investment firms. The regime for markets. Cross-border activities (that is, the EU passport). | Practice note: overview | Maintained |
| 8 | Regulated Activities Order: overview An overview of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO), including its specified activities, specified investments, exclusions, exemptions and overrides. | Practice note: overview | Maintained |
| 9 | Activities that can be passported under the BCD This practice note sets out details of activities that can be passported under the recast Banking Consolidation Directive (2006/48/EC) (BCD) and guidance from UK regulatory authorities on the corresponding regulated activities in the UK. | Practice notes | Maintained |
| 10 | Are you looking for EU law content on this topic? A practice note explaining where to find EU law content from a topic page. | Practice notes | Maintained |
| 11 | Designated professional bodies An overview of the designated professional bodies regime under Part 20 of the Financial Services and Markets Act 2000 (FSMA). | Practice notes | Maintained |
| 12 | Islamic finance: development of UK as Islamic finance centre An outline of the work of the FCA (and its predecessor the FSA), the UK government and other bodies on developing the UK as an Islamic finance centre. This note also provides a brief overview of Islamic finance and relates to both the retail and wholesale sectors. | Practice notes | Maintained |
| 13 | MiFID II: legislative proposals This practice note outlines the European Commission's legislative proposals to amend the Markets in Financial Instruments Directive (2004/39/EC), which were published on 20 October 2011 (MiFID II). For a summary of, and links to, PLC Financial Services MiFID materials, see Practice note, A guide to PLC Financial Services MiFID materials. | Practice notes | Maintained |
| 14 | MiFID Resources: pre-implementation developments This document brings together key pre-implementation developments relating to the Markets in Financial Instruments Directive (2004/39/EC) (MiFID), that is, MiFID related developments prior to 1 November 2007. It also provides links to relevant primary sources and PLC Financial Services content. For key source material on MiFID-related developments since 1 November 2007, see Practice note, MiFID Resources: post-implementation developments. For developments relating specifically to the European Commission's review of MiFID and the subsequent legislative proposals to amend MiFID, see Practice note, Hot topics: European Commission's MiFID review. | Practice notes | 31-Oct-2007 |
| 15 | Payment Services Regulations 2009: Rights and obligations ... A note summarising the core rights and obligations of customers and payment service providers (PSPs) under Part 6 of the Payment Services Regulations 2009 (SI 2009/209) (PSRs). The note focuses on the application of Part 6 of the PSRs, including exemptions from the requirements, and obligations relating to charges, payment instruments, carrying out a payment transaction, and specific obligations of the payee's PSP. | Practice notes | Maintained |
| 16 | Regulated Activities Order: exclusions An overview of the exclusions contained in Part II of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). The note summarises the specific and general exclusions applicable to each regulated activity. | Practice notes | Maintained |
| 17 | Regulated Activities Order: specified activities An overview of the specified activities contained in Part II of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). | Practice notes | Maintained |
| 18 | Regulated Activities Order: specified investments An overview of the specified investments contained in Part III of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). | Practice notes | Maintained |
| 19 | Regulated activities: accepting deposits This practice note considers the regulated activity of accepting deposits, together with applicable exclusions and exemptions. | Practice notes | Maintained |
| 20 | Regulated activities: advising on investments A discussion of the regulated activity of advising on investments and the applicable exclusions and exemptions. | Practice notes | Maintained |
| 21 | Regulated activities: arranging deals in investments A discussion of the regulated activity of arranging deals in investments. In particular, it considers the two limbs of the activity, one of which is narrower than the other. It also outlines applicable exclusions and exemptions. | Practice notes | Maintained |
| 22 | Regulated activities: assisting in the administration and ... A discussion of the regulated activity of assisting in the administration and performance of a contract of insurance, which is set out in article 39A of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO), as well as the available exclusions and exemptions. The key issues to be considered when determining whether a person is carrying on the regulated activity of assisting in the administration and performance of a contract of insurance are highlighted in this note, in the form of questions, in a decision tree. | Practice notes | Maintained |
| 23 | Regulated activities: bidding in emissions auctions A discussion about the regulated activity of bidding in emissions auctions, as well as the exclusions and exemptions that are applicable to it. It focuses on the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). The main issues are also highlighted, in the form of questions, in a decision tree. | Practice notes | Maintained |
| 24 | Regulated activities: dealing in investments as principal and ... A discussion of the regulated activities of dealing in investments as principal and dealing in investments as agent, as well as the exclusions and exemptions applicable to them. | Practice notes | Maintained |
| 25 | Regulated activities: dormant account and reclaim funds An overview of the regulated activities relating to dormant account funds and reclaim funds, which are set out in article 63N of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO), as well as the applicable exclusions and exemptions. | Practice notes | Maintained |
| 26 | Regulated activities: effecting and carrying out contracts of ... A discussion of the regulated activities of effecting contracts of insurance as principal and carrying out contracts of insurance as principal, which are set out in articles 10(1) and (2) respectively of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO), as well as the available exclusions. The key issues to be considered when determining whether a person is carrying on the regulated activities of effecting or carrying out contracts of insurance as principal are highlighted in this note, in the form of questions, in a decision tree. | Practice notes | Maintained |
| 27 | Regulated activities: establishing, operating or winding up a ... A discussion of the regulated activities of establishing, operating or winding up a stakeholder pension scheme or a personal pension scheme, as well as the exclusions and exemptions that are applicable. | Practice notes | Maintained |
| 28 | Regulated activities: establishing, operating or winding up a ... An overview of the regulated activity of establishing, operating or winding up a collective investment scheme (CIS), as well as the exclusions and exemptions that are applicable to it. The following multi-jurisdictional guide is also available to PLC Financial Services' subscribers: Investment Funds multi-jurisdictional guide. This guide brings together a range of information on current cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice notes | Maintained |
| 29 | Regulated activities: general exclusions An overview of the exclusions that are in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO) and applicable to several regulated activities. | Practice notes | Maintained |
| 30 | Regulated activities: home reversion and home purchase ... A discussion of the regulated activities relating to home reversion and home purchase plans, together with applicable exclusions and exemptions. | Practice notes | Maintained |
| 31 | Regulated activities: issuing electronic money This practice note discusses the regulated activity of issuing electronic money as well as the exclusions and exemptions that are applicable to it. Please note that the regulation of electronic money has changed. The second Electronic Money Directive (2009/110/EC) (2EMD), which aims to encourage the growth of the electronic money market, was implemented in the UK on 1 May 2011 through the Electronic Money Regulations 2011 (SI 2011/99). For more information on 2EMD, see Practice note, UK implementation of the second Electronic Money Directive. | Practice notes | Maintained |
| 32 | Regulated activities: managing investments A discussion of the regulated activity of managing investments and the applicable exclusions and exemptions. | Practice notes | Maintained |
| 33 | Regulated activities: mortgage-related activities A discussion of the regulated activities relating to mortgages, together with applicable exclusions and exemptions. | Practice notes | Maintained |
| 34 | Regulated activities: operating a multilateral trading facility ... This practice note discusses the regulated activity of operating a multilateral trading facility (also known as an MTF), as well as the exclusions and exemptions that are applicable to it. | Practice notes | Maintained |
| 35 | Regulated activities: providing information in relation to a ... A note explaining when a person will be carrying on the regulated activities of providing information in relation to a specified benchmark and administering a specified benchmark, as well as the applicable exclusions and exemptions. The note focuses on the relevant provisions of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). The main issues are also highlighted, in the form of questions, in a decision tree. | Practice notes | Maintained |
| 36 | Regulated activities: safeguarding and administering ... A discussion of the elements of the regulated activity of safeguarding and administering investments, and the applicable exclusions and exemptions. | Practice notes | Maintained |
| 37 | Regulated activities: sale and rent back activities A discussion of the regulated activities relating to sale and rent back agreements, as well as the exclusions and exemptions that are applicable to them. The practice note focuses on the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). | Practice notes | Maintained |
| 38 | Regulated activities: sending dematerialised instructions A discussion of the regulated activity of sending dematerialised instructions, as well as the exclusions and exemptions applicable to it. | Practice notes | Maintained |
| 39 | Regulated activities: territorial scope A discussion of what it means for a regulated activity to be carried on in the UK. It focuses on section 418 of the Financial Services and Markets Act 2000 (FSMA) and guidance in the Perimeter Guidance Manual (PERG). | Practice notes | Maintained |
| 40 | Regulated activities: the business order An overview of the business test for carrying on regulated activities in the UK, in particular, under the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 (SI 2001/1177). | Practice notes | Maintained |
| 41 | Regulation of insurance in the UK An overview of the regulatory treatment of insurance business in the United Kingdom. The following multi-jurisdictional guide is also available to PLC Financial Services' subscribers: Insurance and Reinsurance Handbook. This guide brings together a range of information on cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice notes | Maintained |
| 42 | Scope of PRA regulation An overview of the scope of PRA regulation. Firms with permission to carry out PRA-regulated activities (PRA-authorised firms) are subject to dual-regulation by the PRA and the FCA. The note considers which regulated activities are PRA-regulated activities and the process the PRA will follow for designating systemically important investment firms for regulation by the PRA. This note is part of a series of notes relating to the new UK financial services regulatory structure. For more information, see Practice note, A guide to the new UK financial services regulatory structure: index. | Practice notes | Maintained |
| 43 | SRA Handbook 2011 and Code of Conduct The Solicitors Regulation Authority has issued a new Handbook, including a new Code of Conduct, which is prompted by the possibility of Alternative Business Structures (ABSs) opening for business from 6 October 2011. The Handbook is being introduced on a phased basis, beginning in August 2011. The key implementation date was 6 October 2011. This practice note explains the background to the new Handbook and its structure. For information on how the new Handbook and Code of Conduct will affect common aspects of property transactions, see Practice note, SRA Handbook 2011 and Code of Conduct: issues for property lawyers. | Practice notes | Maintained |
| 44 | Threshold conditions for PRA-authorised firms A note on the threshold conditions that PRA-authorised firms must satisfy in order to become and remain authorised under the Financial Services and Markets Act 2000 (FSMA). | Practice notes | Maintained |
| 45 | UK implementation of the Payment Services Directive This practice note outlines the key provisions of the Payment Services Directive (2007/64/EC) (PSD), and its implementation in the UK. The key primary source material table in this document contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice notes | Maintained |
| 46 | What is a contract of insurance? An outline of the factors and principles to be considered in determining whether an arrangement constitutes a contract of insurance. This is an important issue as, with certain limited exceptions, the carrying on of activities relating to contracts of insurance falls within the scope of the Financial Services and Markets Act 2000 (FSMA). | Practice notes | Maintained |
| 47 | When is a debt instrument not a deposit This practice note explains the exemptions available to debt securities so that they avoid being deposits. | Practice notes | Maintained |