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.