Section 418

In the cases described in this section, a person who— is, for the purposes of this Act, to be regarded as carrying it on in the United Kingdom. is carrying on a regulated activity, but would not otherwise be regarded as carrying it on in the United Kingdom, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The third case is where— his registered office (or if he does not have a registered office his head office) is in the United Kingdom; the day-to-day management of the carrying on of the regulated activity is the responsibility of— his registered office (or head office); or another establishment maintained by him in the United Kingdom. The fourth case is where— his head office is not in the United Kingdom; but the activity is carried on from an establishment maintained by him in the United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The sixth case is where— the regulated activity being carried on by the person is the regulated activity of managing an AIF; the AIF being managed— has its registered office in the United Kingdom; or is marketed in the United Kingdom; the person’s registered office is in the United Kingdom or, if the person does not have a registered office, the person’s head office is in the United Kingdom; and the activity is carried on from an establishment maintained in a country or territory outside the United Kingdom. For the purposes of the preceding subsections it is irrelevant where the person with whom the activity is carried on is situated. The ninth case is where— the regulated activity being carried on by the person (“A”) is that specified by article 9M of the Regulated Activities Order (issuing qualifying stablecoin), and all of the activities specified in the conditions set out in paragraph (2)(a) to (c) of that article are carried on by A, or on behalf of A, in the United Kingdom. The tenth case is where— the regulated activity being carried on by the person (“A”) is a regulated cryptoasset activity, A is involved in the sale or subscription of a qualifying cryptoasset to, or by, a consumer (“C”), and there is no person who— is authorised under Part 4A of this Act to carry on a regulated cryptoasset activity of a kind referred to in subsection (6D)(a) or (b), is carrying on that activity in relation to the sale or subscription mentioned in paragraph (b), and in doing so, is acting as an intermediary between A and C. In subsection (6C), a “regulated cryptoasset activity” means a regulated activity specified by the following articles of the Regulated Activities Order— article 9S (operating a qualifying cryptoasset trading platform); article 9T (dealing in qualifying cryptoassets as principal); article 9W (dealing in qualifying cryptoassets as agent); article 9Y (arranging deals in qualifying cryptoassets). The eleventh case is where— the regulated activity being carried on by the person (“A”) is specified by— article 9N (safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets) of the Regulated Activities Order, or article 9Z6 (qualifying cryptoasset staking) of the Regulated Activities Order, A is carrying on that activity on behalf of a consumer, and A is not carrying on that activity at the direction of another person who is authorised under Part 4A of this Act to carry on that regulated activity. In subsections (6B) to (6E)— “consumer” means an individual in the United Kingdom who is acting for a purpose other than for any trade, business or profession carried on by that individual; “Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; where a term that is used is also used in Chapter 2B (cryptoassets) of Part 2 (specified activities) of the Regulated Activities Order, then it has the same meaning as that given in that Chapter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . For the purposes of this section, an AIF is “marketed” when— the person managing the AIF (“the AIFM”) makes a direct or indirect offering or placement of units or shares of the AIF to or with an investor domiciled or with a registered office in the United Kingdom, or another person makes such an offering or placement at the initiative of, or on behalf of, the AIFM.

← 5 · All articles · 1 →

Source: legislation.gov.uk · retrieved 2026-09-04