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PRIN 3.2 What?


4PRIN applies with respect to the carrying on of:

  1. (1)

    regulated activities;

  2. (2)

    activities that constitute dealing in investments as principal, disregarding the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc); 6

  3. (3)

    ancillary activities in relation to designated investment business, home finance activity, credit-related regulated activity, insurance mediation activity and accepting deposits; and6

  4. (4)

    activities directly arising from insurance risk transformation.6


PRIN also applies with respect to the communication and approval of financial promotions which:

  1. (1)

    if communicated by an unauthorised person without approval would contravene section 21(1) of the Act (Restrictions on financial promotion); and

  2. (2)

    may be communicated by a firm without contravening section 238(1) of the Act (Restrictions on promotion of collective investment schemes).


4PRIN 1 Annex 1, PRIN 3.4.1 R and PRIN 3.4.2 R do not apply with respect to the carrying on of credit-related regulated activities.


Principles 3, 4 and (in so far as it relates to disclosing to the FCA5) 11 (and this chapter) also:

  1. (1)

    apply with respect to the carrying on of unregulated activities (for Principle 3 this is only in a prudential context); and

  2. (2)

    take into account any activity of other members of a group of which the firm is a member.