The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

UK Law: Licensing of Fund Management Companies Section 19 of the Financial Services and Markets Act 2000 (the FSMA): "No person may carry on a regulated activity [by way of business] in the UK or purport to do so unless he is an authorized person or an exempt person" (the General Prohibition) An "authorized person" is typically an entity authorized by the Financial Conduct Authority (the FCA) Banks, investment banks, and insurers are authorized by the Prudential Regulation Authority and regulated by it and the FCA Morgan Lewis 52

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