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Created page with "{{a|regulation|}}A ring-fenced bode is regulated by [https://www.legislation.gov.uk/ukpga/2000/8/part/9B Part 9B] of FSMA. There are certain “core activities” and “excluded activities”, including “dealing in investments as principal”. The treasury promulgated the [https://www.legislation.gov.uk/uksi/2014/2080/contents Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014] excluding certain excluded activities. Thes..."