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Flow Chart 1 – To determine if work is a Regulated Activity

Are you in business?

Î No

Conclusion: There is NO Regulated Activity

Ð Yes

Is there a specified investment?

Î No

Conclusion: There is NO Regulated Activity

Ð Yes

Is there a specified activity?

Î No

Conclusion: There is NO Regulated Activity

Ð Yes

Does an exclusion apply?

Î Yes

Ð

No

Conclusion: There IS a Regulated Activity

Conclusion: There is NO Regulated Activity


Flow Chart 2 – To determine if the Exemption for Professional Firms can be used

Is the work a regulated activity?

Î No

Ð

Yes

Is the work incidental to the client's matter?

Ð

Î No

Conclusion: Cannot use exemption

Î Yes

Conclusion: Cannot use exemption

No

If insurance mediation, is the firm on the FSA register, and does it have a compliance officer?

Ð

No

Conclusion: Cannot use exemption

Yes

Is the firm authorised by the FSA for other work?

Ð

Î

Yes

Is the work incidental to the firm's work overall?

Ð

Conclusion: Exemption is not applicable

Î No

Conclusion: Cannot use exemption

Yes or N/A

Is the work permitted by the SRA and not prohibited by either a Treasury Order or the FSA?

Ð

No

Conclusion: Cannot use exemption

Yes

Is any commission received which is not accounted for to the client?

Ð

Î

No

Conclusion: Can use exemption if comply with Scope & COB Rules

Î Yes

Conclusion: Cannot use exemption

fsma-flowcharts-financial-services-session-f  
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