The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

UK Law: Territorial Scope of the General Prohibition (Cont.) It is commonly considered: • Dealing in investments will be carried on at the place where acceptance of the offer is received by the offeror, where a communication of an acceptance is instantaneous • Where a communication of an acceptance is delayed, dealing in investments will be carried on at the place where the communication was posted • Arranging deals is normally carried on at the place where the arranger is located when the arrangements are made . • Discretionary investment management is carried on at the place where the investment manager reviews portfolios and makes investment decisions Morgan Lewis 60

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