Regulated Activities Order is a piece of secondary legislation deriving from FSMA, it specifies the activities that a firm requires permission to carry out and any exemptions or exclusions that apply to those activities as well as the specified investments those activities refer to.

Regulated Activity

An activity specified in Part II of the Regulated Activities Order. Prior to commencing one of these activities a firm requires either permission to be granted by the regulator or to be able to make use of an exemption.

Restricted Investor

In relation to NRRS, these investors are sometimes referred to as an ‘everyday investor’ and are retail investors that have confirmed they will not invest more than 10% of their net assets in unlisted shares or unlisted debt securities in a 12-month period.