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Alerts
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UK Regulatory Regime
SRZ Client Memorandum
July 2009
The carrying on of an investment management business in the United Kingdom constitutes a regulated activity for the purposes of the UK Financial Services and Markets Act 2000 and related legislation and, accordingly, any firm providing such services would need to apply for authorisation to do so from the UK Financial Services Authority (FSA). It should be noted that there are no "de minimis" or "sophisticated investor" exemptions. The carrying on of a regulated activity for or on behalf of a single client requires authorisation. Whilst investment managers established in other Member States of the European Economic Area may be able to take advantage of the "single passport" under the Markets in Financial Instruments Directive, there are not currently any reciprocal arrangements for managers regulated in the United States.
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