Dealing in investments as principal and dealing in investments as agent, are regulated activities under articles 14 and 21 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). This note identifies the key issues to be considered when determining whether a person is carrying on one or both of these regulated activities, or agreeing to do so under article 64 of the RAO. It also considers the exclusions and exemptions that apply to the carrying on of those activities.