Regulatory perimeter

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When you are Dread Pirate Roberts, on the high seas, in your black-sailed ship, raiding the occasional Spanish galleons, stealing the heart of Princess Buttercup and so forth, occasionally you might take time out to wonder:

As I ply my piratey trade, in the squally seas between the nations of Guilder and Florin, offering my services, to local merchants do I become subject to the laws of these lands? Must I register my vessel with the port authorities? Does it make a difference if I anchor a mile outside the territorial boundary, and invite merchants to sail out to see me, for all their synthetic prime brokerage needs?

The buccaneer who asks herself these sorts of thing in considering Florin’s regulatory perimeter. At what point, in her dealings with the people of Florin, does she become subject to the laws, regulations and most importantly, the permissioning, licensing and authorisation regime of the Florin Financial Services Authority? Must she be registered as a Florinese broker-dealer? I mean pirate.

See also

• Cross-border regulation
• Reverse inquiry