Part 1: Regulatory Framework Designated activities regime Section 8: Designated activities New section 71L: Restrictions on carrying out designated activities
Subsection (1) prohibits any person from carrying on a designated activity, to the extent to which it is prohibited by HM Treasury through designated activities regulations.
	Subsection (2) stipulates that any person carrying out a designated activity, which is not prohibited under subsection (1), must do so in line with designated activities regulations made by HM Treasury, and designated activity rules made by the FCA.
	Subsection (3) is self-explanatory.