diff --git a/stream_framework/serializers/aggregated_activity_serializer.py b/stream_framework/serializers/aggregated_activity_serializer.py
index b4aa22e7..b325a7aa 100644
--- a/stream_framework/serializers/aggregated_activity_serializer.py
+++ b/stream_framework/serializers/aggregated_activity_serializer.py
@@ -5,6 +5,7 @@
 from stream_framework.utils import epoch_to_datetime, datetime_to_epoch
 from stream_framework.serializers.base import BaseAggregatedSerializer
 import six
+import re
 
 
 class AggregatedActivitySerializer(BaseAggregatedSerializer):
@@ -23,7 +24,6 @@ class AggregatedActivitySerializer(BaseAggregatedSerializer):
     #: indicates if dumps returns dehydrated aggregated activities
     dehydrate = True
     identifier = 'v3'
-    reserved_characters = [';', ',', ';;']
     date_fields = ['created_at', 'updated_at', 'seen_at', 'read_at']
 
     activity_serializer_class = ActivitySerializer
@@ -55,7 +55,8 @@ def dumps(self, aggregated):
         else:
             for activity in aggregated.activities:
                 serialized = activity_serializer.dumps(activity)
-                check_reserved(serialized, [';', ';;'])
+                # we use semicolons as delimiter, so need to escape
+                serialized = serialized.replace(";", "\;")
                 serialized_activities.append(serialized)
 
         serialized_activities_part = ';'.join(serialized_activities)
@@ -86,15 +87,20 @@ def loads(self, serialized_aggregated):
                     date_value = epoch_to_datetime(float(v))
                 setattr(aggregated, k, date_value)
 
+            # looks for ; not \;
+            unescaped_semicolons_regex = re.compile("(?<=[^\\\]);")
             # write the activities
-            serializations = parts[5].split(';')
+            serializations = unescaped_semicolons_regex.split(parts[5])
             if self.dehydrate:
                 activity_ids = list(map(int, serializations))
                 aggregated._activity_ids = activity_ids
                 aggregated.dehydrated = True
             else:
-                activities = [activity_serializer.loads(s)
-                              for s in serializations]
+                activities = []
+                for s in serializations:
+                    s = s.replace("\;", ";")
+                    deserialized = activity_serializer.loads(s)
+                    activities.append(deserialized)
                 aggregated.activities = activities
                 aggregated.dehydrated = False
 
diff --git a/stream_framework/tests/serializers.py b/stream_framework/tests/serializers.py
index 1c035ace..d91ba8f6 100644
--- a/stream_framework/tests/serializers.py
+++ b/stream_framework/tests/serializers.py
@@ -18,7 +18,7 @@ class ActivitySerializationTest(unittest.TestCase):
     serialization_class = BaseSerializer
     serialization_class_kwargs = {
         'activity_class': Activity, 'aggregated_activity_class': AggregatedActivity}
-    activity_extra_context = {'xxx': 'yyy'}
+    activity_extra_context = {'xxx': 'yyy', 'with_semicolons': 'foo;bar;;'}
 
     def setUp(self):
         from stream_framework.verbs.base import Love as LoveVerb