The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

UK Law: Territorial Scope of the General Prohibition Only regulated activities carried on in the UK fall within the territorial scope of FSMA Outward Section 418 of FSMA extends its territorial scope outward only, whereby persons based in the UK who carry on regulated activities overseas need to be regulated in the UK, by deeming activities that would otherwise be carried on outside the UK to be carried on in the UK. Three cases are relevant: • Day-to-day management in the UK: all persons who have their head or registered office in the UK but who only carry on regulated activities in non-European Economic Area (EEA) countries will need to be authorized if they direct the day-to-day management of the activities from UK establishments Morgan Lewis 57

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