Genre: Legal

Only an authorised person or an exempt person may carry on a regulated activity in the United Kingdom . Under section 31 ( 1 ) an authorised person is described as : · a person who has permission under Part IV of the Act to carry on one or more regulated activities ; · an EEA firm qualifying for authorisation under Schedule 3 ( EEA Passport Rights ) ; · a Treaty firm qualifying for authorisation under Schedule 4 ( Treaty Rights ) ; · a person who is otherwise authorised by a provision of , or made under the Act . A limited company can be an authorised person . An exempt person may be exempt because of who he / she is , e.g. the European Community or the Act specifies him / her as being exempt . The official receiver is an exempt person . Any person who carries on , or purports to carry on , a regulated activity who is not an authorised person or an exempt person is guilty of an offence punishable by imprisonment or a fine or both . In addition , agreements entered into by them in the course of or in consequence of the illegal activity will be unenforceable against the other party , subject to the court's discretion to permit enforcement . In addition , the other party is entitled to recover any money or other property paid or transferred by him / her under the agreement and compensation for any loss sustained by him / her as a result of having parted with it . Also any person who in the course of business communicates an invitation or inducement to engage in investment activity and is not an authorised person is guilty of an offence punishable by imprisonment or a fine , or both . Where the official receiver considers that an offence has been committed , he / she should report it to Prosecution Section and should also advise the FSA direct ( see paragraph 80.31 ) .