Most clients seeking advice on anything to do with regulation want to know two things:
- Does this apply to me?
- If so, how should I deal with it?
We aim to provide well-researched, clearly-presented and practical answers to such questions, taking full account of each client's particular circumstances and specific business needs. We can cover just about any aspect of the regulatory regime established under the Financial Services and Markets Act (FSMA). This includes not only FSMA itself, but the Regulated Activities Order, the Financial Promotions Order and the other secondary legislation under FSMA, the FSA's own Rules and Guidance, and other related material such as the guidance on money laundering issued by the Joint Money Laundering Steering Group.
So for example we can advise on:
- whether a particular activity constitutes a regulated activity under FSMA;
- whether a communication constitutes a financial promotion;
- the options for regulation and whether you may be able to take advantage of exemptions;
- getting financial promotions approved;
- the approved persons regime and obtaining approval;
- the duties and responsibilities of approved persons;
- training and competence requirements;
- the interpretation and practical effect of the FSA Principles and specific FSA rules;
- the design and implementation of high level systems and controls and the associated procedures;
- the capital adequacy requirements for different types of regulated business;
- the client money requirements and procedures for complying with them;
- systems and controls to combat money laundering and financial crime;
- the requirements for sponsors bringing companies to market.
This list is by no means exhaustive!
Please note that interpretation under FSMA is ultimately a matter of law. We have considerable experience in this area and regularly provide analyses for clients where the status of an activity is not immediately obvious. It is important to note however that we are not a law firm and are not able to give formal legal advice.