The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

UK Law: Territorial Scope of the General Prohibition (Cont.) • Establishment maintained in the UK: even if a person does not have a head or registered office in the UK and is not dealing with UK customers, it will still need to be authorized if the activity is carried on from an establishment maintained by it in the UK • Managing an AIF: where the person is managing an AIF and: - - The AIF has its registered office in EEA, or the AIF (wherever domiciled) is marketed in UK/EEA The person's registered office is in the UK or its head office is in the UK The activity is carried on from an establishment maintained in a non-EEA country Morgan Lewis 58

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