Arranging deals in investments is a regulated activity under article 25 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). This note considers the two limbs of the activity (under article 25(1) and article 25(2)). It identifies the key issues to be considered when determining whether a person is carrying on this regulated activity, including applicable exclusions and exemptions.