Further piece in the FSMA jigsaw

In October, we published a snapshot of how the UK’s evolving Financial Services and Markets Act (FSMA) affects energy traders, noting that what constitutes a “regulated activity” would soon be published by the treasury in a regulated activities order (RAO). This is a foundation stone of the FSMA “general prohibition”, which states that no person may carry on a regulated activity in the UK unless authorised or exempt, reports Liz Bossley