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REC 6.1 Introduction and legal background

REC 6.1.1GRP

The Act prohibits any person from carrying on, or purporting to carry on, regulated activities in the United Kingdom unless that person is an authorised person or an exempt person. If an overseas investment exchange wishes to undertake regulated activities in the United Kingdom, it will need to:

  1. (1)

    obtain a Part 4A permission2 from the FCA2; or4

  2. (2)


  3. (3)


  4. (4)

    obtain exempt person status by being declared by the FCA2 to be an ROIE.

REC 6.1.2GRP

Having the status of an ROIE2 facilitates the participation of overseas investment exchanges in UK markets. In comparison with authorisation, it reduces the involvement which UK authorities need to have in the day-to-day affairs of an overseas recognised body because they are able to rely substantially on the supervisory and regulatory arrangements in the country where the applicant's head office is situated.