The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

UK Law: Territorial Scope of the General Prohibition (Cont.) Inward The "inward" scope of FSMA is implicit in the terms of section 19 (which deploys the term "in the UK") and therefore captures non-UK-based persons doing business in the UK but can be elaborated on by secondary legislation (e.g., the UK carve-out for overseas persons) Guidance on where certain activities are carried on Where business has a cross-border element, e.g., where a client is based outside the UK or elements of the activity occur outside the UK, it is challenging to determine where the activity is conducted Morgan Lewis 59 59

View entire presentation