1. The general prohibition

(1) No person may carry on a controlled activity in or from the Abu Dhabi Global Market, or purport to do so, unless he is —
(a) a licensed person; or
(b) an exempt person.
(2) The prohibition is referred to in these Regulations as the general prohibition.
(3) For the purposes of these Regulations, a "licensed person" is a person who has a valid licence to carry on one or more controlled activities.