The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006.

(2) These Regulations come into force on 1st April 2007 for the purposes of—

(a) regulations 4 and 5;

(b) enabling the Authority to treat a notice referred to in regulation 4A(3)(a) or 5A(3)(a) of the principal Regulations (inserted by these Regulations) given on or after that date as effective for the purpose of regulation 4A(3) or 5A(3) (as the case may be);

(c) enabling the Authority, on receipt on or after that date of notice under regulation 11A(2)(a) or 12A(2)(a) of the principal Regulations (inserted by these Regulations), to inform the host state regulator of the proposed change in accordance with regulation 11A(3) or 12A(3) (as the case may be); and

(d) enabling the Authority to give notice under regulation 11A(3) or 12A(3) of the principal Regulations (inserted by these Regulations),

and for all other purposes on 1st November 2007.

(3) Nothing in paragraph (2) gives an investment firm or a UK investment firm an EEA right to carry on, before 1st November 2007, an activity—

(a) which is an ancillary service listed in Section B of Annex I to the markets in financial instruments directive(1) but which is not a non-core service listed in Section C of the Annex to the investment services directive;

(b) in relation to an investment which is a financial instrument listed in Section C of Annex I to the markets in financial instruments directive but which is not an instrument listed in Section B of the Annex to the investment services directive; or

(c) referred to in paragraph 5 of Section A of Annex I to the markets in financial instruments directive unless the firm has an EEA right to carry on one or more core services listed in Section A of the Annex to the investment services directive.

(4) In these Regulations, “the principal Regulations” means the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001(2) and “the investment services directive” means Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field(3).

(1)

OJ No L 145, 30.4.2004, p. 1.

(2)

S.I. 2001/2511.

(3)

OJ No L 141, 11.6.1993, p. 27.