• Prohibition and by way of business

    • 2.1.3

      The FSMR impose a prohibition on all persons who carry on an activity regulated by us in the ADGM "by way of business" unless the person is an Authorised Firm, Recognised Body or an Exempt Person.

    • 2.1.4

      Whether or not an activity is carried on by way of business is a question of fact that takes account several factors, including:

      (a) how often the activity is conducted;
      (b) whether there is a commercial element involved;
      (c) the size and proportion of non-regulated activities carried on by the same person; and
      (d) the nature, context and circumstances of the activity that is carried on.