(1)No person may carry on a regulated activity in the United Kingdom, or purport to do so, unless he is—
(a)an authorised person; or
(b)an exempt person.
(2)The prohibition is referred to in this Act as the general prohibition.
Modifications etc. (not altering text)
C1S. 19(1) excluded (temp.) by S.I. 2013/1773, reg. 72(6B)(a) (as inserted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(5)(b))(as amended by S.I. 2014/1313, arts. 1, 2(a))