The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

UK Law: Licensing of Fund Management Companies (Cont.) Civil law consequences include: • An agreement made by an unauthorized person in breach of the General Prohibition will generally be unenforceable against the customer. The customer can still recover any money paid or property transferred and obtain compensation for any loss. • Agreements made by authorized persons may also be unenforceable if an agreement is entered into as a result of a third party's unauthorized regulated activity. Morgan Lewis 54

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