The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

UK Law: The Overseas Persons Carve-Out (Cont.) Interaction between section 418 of FSMA and the overseas persons carve-out If the overseas-person exclusion applies, the activity will not be a regulated activity and the section 418 outward scope provisions will not apply. For example, an overseas investment adviser giving advice to UK clients may have concluded he is deemed to be carrying on that activity in the UK under section 418. However, if he can fall within the overseas person exclusion the activity will not be a regulated activity in the first place, and accordingly section 418 will not apply. Morgan Lewis 63

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