Section 1(2) of the Financial Services Act 1986 (the Act) defines ‘investment business’ as the business of engaging in one or more of the activities which fall within the paragraphs in Part II of Schedule I to the Act and are not excluded by Part III of that Schedule. The word ‘business’ is not defined — a rather common feature of legislation. It clearly means more than merely engaging in one or more of the activities referred to. Moreover, it is submitted that it means more than merely the activity of engaging in any of those activities. This briefing examines some meanings which have been given to the word ‘business’ and possible applications of that word in the context of the Act.
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