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

Establishment of a branch: contents of consent notice U.K.

2.—(1) The following information is prescribed for the purposes of paragraph 13(1)(b)(iii) of Schedule 3 (and is therefore to be included in a consent notice given to the [F1 appropriate UK regulator within the meaning of that paragraph] by a firm’s home state regulator pursuant to paragraph 13(1)(a) of Schedule 3).

(2) In the case of an investment firm, the prescribed information is—

(a) a statement that the firm is an investment firm;

(b) the requisite details of the branch; F2 ...

[F3 (c) details of the accredited compensation scheme of which the firm is a member in accordance with Directive 97/9/EC of the European Parliament and of the Council of 3rd March 1997 on investor-compensation schemes; and

(d) a statement of whether the firm intends to use a tied agent established in the United Kingdom.]

[F4 (2A) In the case of a management company, the prescribed information is—

(a) a statement that the firm is a management company;

(b) the requisite details of the branch; and

(c) details of any compensation scheme which is intended to protect the branch’s investors.]

(3) In the case of a credit institution, the prescribed information is—

(a) a statement that the firm is a credit institution;

(b) the requisite details of the branch;

(c) the amount of the firm’s own funds (as defined in [F5 Article 4(1)(118) of the capital requirements regulation]); and

[F6 (d) the own funds requirements under Article 92 of the capital requirements regulation of that institution.]

(4) In the case of a financial institution, the prescribed information is—

(a) a statement that—

(i) the firm is a financial institution;

(ii) the firm is a subsidiary undertaking of a credit institution F7 ... which is authorised in the EEA State in question and which holds at least 90 per cent of the voting rights in the firm (and for the purpose of this paragraph any two or more credit institutions which are authorised in that EEA State and hold voting rights in the firm are to be treated as a single credit institution, and as being “parent undertakings” of the firm);

(iii) the firm carries on in that EEA State the EEA activities in question;

(iv) the memorandum and articles of association, or other constituent instrument, of the firm permit it to carry on those activities;

(v) the consolidated supervision of the firm’s parent undertaking or, if more than one, any one of them effectively includes supervision of the firm;

(vi) the firm’s parent undertaking has guaranteed or, if more than one, they have jointly and severally guaranteed, the firm’s obligations, with the consent of the home state regulator;

(vii) the firm’s business is being conducted in a prudent manner;

(b) the requisite details of the branch;

(c) the amount of the firm’s own funds (as defined in [F8 Article 4(1)(118) of the capital requirements regulation]); and

[F9 (d) the own funds requirements under Article 92 of the capital requirements regulation of the firm's parent undertaking.]

(5) In the case of an insurance firm, the prescribed information is—

(a) a scheme of operations prepared in accordance with such requirements as may be imposed by the firm’s home state regulator, setting out (amongst other things) the types of business to be carried on and the structural organisation of the branch;

(b) the name of the firm’s authorised agent;

(c) the address in the United Kingdom from which information about the business may be obtained, and a statement that this is the address for service on the firm’s authorised agent;

(d) in the case of a firm which intends to cover relevant motor vehicle risks, a declaration by the firm that it has become a member of the Motor Insurers' Bureau (being a company limited by guarantee and incorporated under the Companies Act 1929(1) on the 14th June 1946); and

(e) a statement by the firm’s home state regulator attesting that the firm F10 ... [F11 covers the Solvency Capital Requirement calculated in accordance with Article 100 of the Solvency 2 Directive and the minimum capital requirement calculated in accordance with Article 129 of that directive.]

[F12 (6) In the case of an EEA AIFM, the prescribed information is—

(a) a statement that the firm is an EEA AIFM;

[F13 (aa) particulars of the programme of operations to be carried on through the branch, including a description of the particular EEA activities to be carried on;]

(b) the identity of the AIFs that the EEA AIFM intends to manage;

(c) the organisational structure of the branch;

(d) the address in the home state of each AIF that the EEA AIFM intends to manage from which documents relating to that AIF may be obtained;

(e) the names and contact details of the persons responsible for the management of the branch.

(7) In paragraph (6) “home state” in relation to an AIF means—

(a) the EEA State in which the AIF is authorised or registered, or in the case of multiple authorisations or registrations, the EEA State in which the AIF was first authorised or registered; or

(b) if the AIF is not authorised or registered in an EEA State, the EEA State in which it has its registered office or head office.]

[F14 (8) In the case of an EEA mortgage intermediary, the prescribed information is—

(a) a statement that the firm is an EEA mortgage intermediary;

(b) the requisite details of the branch;

(c) whether the EEA mortgage intermediary is a tied mortgage intermediary;

(d) the name and address of the mortgage creditors (if any) to which the EEA mortgage intermediary is tied; and

(e) whether those mortgage creditors (if any) take full and unconditional responsibility for the activities of the EEA mortgage intermediary.]

[F15 (9) In the case of an insurance intermediary, the prescribed information is—

(a) a statement that the firm is an insurance intermediary;

(b) the requisite details of the branch, including the name, address, and where applicable, the registration number of the firm;

(c) the category of intermediary and if applicable, the name of any insurance or reinsurance undertaking represented; and

(d) if applicable, the relevant classes of insurance.]

Textual Amendments

F1 Words in reg. 2(1) 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(b)

F2 Word in reg. 2(2)(b) omitted (1.4.2007) by virtue of The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2)(a), 4(a) (with reg. 15)

F3 Reg. 2(2)(c)(d) substituted for reg. 2(2)(c) (1.4.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2)(a), 4(b) (with reg. 15)

F4 Reg. 2(2A) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 3(2)(a)

F5 Words in reg. 2(3)(c) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 56(2)(a)(i)

F6 Reg. 2(3)(d) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 56(2)(a)(ii)

F7 Words in reg. 2(4)(a)(ii) omitted (9.2.2011 for specified purposes, 30.4.2011 in so far as not already in force) by virtue of The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 1(2), Sch. 4 para. 11(c) (with reg. 3)

F8 Words in reg. 2(4)(c) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 56(2)(b)(i)

F9 Reg. 2(4)(d) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 56(2)(b)(ii)

F10 Words in reg. 2(5)(e) omitted (1.1.2016) by virtue of The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 13(3)(a)

F11 Words in reg. 2(5)(e) inserted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 13(3)(b)

F12 Reg. 2(6)(7) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 14(2)

F13 Reg. 2(6)(aa) inserted (22.7.2013) by The Alternative Investment Fund Managers (Amendment) Regulations 2013 (S.I. 2013/1797), regs. 1(5), 5(a)

F14 Reg. 2(8) 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(3) (with Pt. 4)

F15 Reg. 2(9) inserted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 22(2)

Commencement Information

I1 Reg. 2 in force at 1.12.2001, see reg. 1(1)

(1)

1929 c. 23. Repealed by the Companies Act 1948 (c. 38).