CISI Corporate Finance Regulation Practice Questions - CISI Level 3 Certificate In Corporate Finance - Corporate Finance Regulation Exam

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Under Section 19 of the Financial Services and Markets Act 2000 (FSMA), what is the status of a corporate finance firm that carries on a regulated activity in the United Kingdom without being authorised or exempt?

The firm is committing a criminal offence and any agreements made may be unenforceable. The firm is subject to a civil fine only, and its agreements remain fully enforceable. The firm's activities are automatically suspended, but past transactions are validated. The firm is exempt from authorisation if it only deals with professional clients.

Correct Answer:

The firm is committing a criminal offence and any agreements made may be unenforceable.

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