Under the General prohibition a person cannot carry out a regulated Activity, or purport to carry out a regulated activity, in the UK unless they are either:

1. •

   an authorised person, or

2. •

   an exempt person

An authorised person can only carry out regulated activities for which they have been given specific permission by the either the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA) (depending on the regulated activities carried on) under each regulator's respective authorisation process. For detailed guidance on the process for applying for Part 4A permission from either the FCA or PRA, see Practice Note: FCA and PRA authorisation under Part 4A of FSMA 2000 This Practice Note explains what constitutes regulated activities under the UK regulatory regime.