• General Prohibition and by way of business

    • 2.1.6

      The regulations impose a general prohibition on all persons who carry on a Regulated Activity in the ADGM "by way of business" unless the person is a firm, Recognised Body or an exempt person.

    • 2.1.7

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

      (a) the degree to which the activity is conducted with continuity, regularity and systemically;
      (b) the existence of a commercial element;
      (c) the scale proportion and impact which the activity bears to other activities carried on by the same Person but which are not regulated; and
      (d) the nature, context and circumstances of the particular activity that is carried on.