The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001

Cancellation of qualification for authorisation U.K.

EEA firms ceasing to carry on regulated activities in the United Kingdom U.K.

8.  Where an EEA firm which is qualified for authorisation under Schedule 3—

(a) has ceased, or is to cease to carry on regulated activities in the United Kingdom, and

(b) gives notice of that fact [F1 to—

(i) in relation to an EEA firm which is a PRA-authorised person, the PRA;

(ii) in any other case, the FCA,]

the notice is to be treated as a request for cancellation of the firm’s qualification for authorisation under Schedule 3 (and hence as a request under section 34(2) of the Act).

Textual Amendments

F1 Words in reg. 8 substituted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(g)

Commencement Information

I1 Reg. 8 in force at 1.12.2001, see reg. 1(1)

Financial institutions giving up right to authorisation U.K.

9.—(1) The [F2 appropriate UK regulator] may, on an application by a financial institution which is qualified for authorisation under Schedule 3, direct that the firm’s qualification for authorisation under Schedule 3 is cancelled from such date as may be specified in the direction.

(2) The [F2 appropriate UK regulator] must not give such a direction unless—

(a) the firm has given notice to its home state regulator; and

(b) the [F2 appropriate UK regulator] has agreed with the home state regulator that the direction should be given.

(3) The date specified in such a direction—

(a) must not be earlier than the date requested in the application; but

(b) subject to that, is to be such date as may be agreed between the [F2 appropriate UK regulator] and the firm’s home state regulator.

(4) The [F2 appropriate UK regulator] must, as soon as practicable, send a copy of the direction to the firm and to the firm’s home state regulator.

(5) A firm in respect of which such a direction has been given may (notwithstanding subsection (3) of section 40 of the Act) apply for permission under that section, to take effect not earlier than the date referred to in paragraph (1).

[F3 (6) In this regulation, “the appropriate UK regulator” means—

(a) in relation to an EEA firm which is a PRA-authorised person, the PRA;

(b) in any other case, the FCA.]

Textual Amendments

F2 Words in reg. 9 substituted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(h)(i)

F3 Reg. 9(6) inserted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(h)(ii)

Commencement Information

I2 Reg. 9 in force at 1.12.2001, see reg. 1(1)

[F4 EEA mortgage intermediaries giving up right to authorisation U.K.

9A.— (1) The appropriate UK regulator may, where paragraph (2) or (3) applies, direct that the qualification for authorisation given to an EEA mortgage intermediary under Schedule 3 is cancelled from such date as may be specified in the direction.

(2) This paragraph applies if the appropriate UK regulator receives notice (“a withdrawal notice”) from the EEA mortgage intermediary's home state regulator stating that the EEA mortgage intermediary's authorisation which gives rise to an EEA right under the mortgages directive has been withdrawn.

(3) This paragraph applies if—

(a) despite action taken by the appropriate regulator under section 194C of the Act, the EEA mortgage intermediary persists in contravening an obligation to which Article 34(2) of the mortgages directive applies; and

(b) the appropriate UK regulator has informed the home state regulator that it intends to direct that the qualification for authorisation given to the EEA mortgage intermediary under Schedule 3 is cancelled.

(4) Where paragraph (3) applies and the appropriate UK regulator makes a direction under paragraph (1), the appropriate UK regulator must inform the European Commission of that direction without undue delay.

(5) In this regulation “the appropriate UK regulator” has the same meaning as in paragraph 14 of Schedule 3.]

Textual Amendments

F4 Reg. 9A inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 9(6) (with Pt. 4)