Just because a financial services firm is incorporated in or "operates from" only one location, does not mean that only one regulatory regime applies. When determining whether a firm is subject to its regulatory jurisdiction, UK regulators will consider a number of factors including: (i) whether marketing activities are targeted at customers in the jurisdiction; (ii) whether business decisions were made in the jurisdiction (e.g., by members of management residing); (iii) where technology is operated from; and (iv) whether the customer first approached the firm or vice versa.
The approach of regulators differs across the world and the regulatory regime of every jurisdiction touched by the firm should be considered on a case-by-case basis.
Learn More: UK Founder Series: Financial Services Startups