A Practical Guide to Perimeter Guidance on Regulated Activities (PERG)

The UK regime surrounding the carrying on of regulated activities in the UK is complex and can be unclear. With years of layered amendments, many stemming from European legislation and post-Brexit reforms, the UK's regulatory framework can be daunting.

The Financial Conduct Authority's Perimeter Guidance Manual sets out the scope of the FCA's "regulatory perimeter"; what sits inside its regulatory remit and what is out of scope. This guide acts as a companion to PERG offering a clear, experience-based roadmap. This guide highlights the most relevant sections of PERG and draws attention to lesser-known provisions that could be helpful to your analysis.

Focused on investment business and key regulated activities, the guide deliberately avoids more niche areas to focus on the most commonly encountered issues. It also touches on the legacy of MiFID and how it continues to influence UK regulation.

The guide is intended for non-legal professionals who are grappling with the regulated activities regime. Whether you are new to PERG or looking to deepen your understanding, this guide will help you navigate with greater ease.

ABOUT THE AUTHOR

Jessica Caws is a financial services regulatory specialist. She leads the financial services regulatory practice and is co-head of financial services at a Top 50 UK law firm. Prior to her current role she trained at and subsequently spent 10 years working at an international law firm headquartered in London. At the time of writing Jessica had 12 years of post-qualification experience advising on financial services regulation. Advising on the regulatory perimeter is one of Jessica's specialist areas of expertise.

CONTENTS

Chapter One - Introduction

Chapter Two - Defined Terms

Chapter Three - What is PERG?

Chapter Four - The Regulatory Framework For Regulated Activities

Chapter Five - The Specified Investments

Chapter Six - The Regulated Activities and the Exclusions

Chapter Seven - Conclusions