This Order makes provision as to circumstances in which persons are, or are not, to be regarded as carrying on regulated activities by way of business for the purposes of the Financial Services and Markets Act 2000 (“the Act”). An activity is a “regulated activity” for the purposes of the Act if it is an activity of a specified kind, and is carried on by way of business in relation to an investment of a specified kind. The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) specifies kinds of activity and kinds of investment for these purposes. Section 19 of the Act prohibits persons who are not authorised or exempt from carrying on any regulated activity in the United Kingdom. Contravention of that prohibition is a criminal offence.