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

Transitional and saving provisions

15.—(1) Where an investment firm has given notice to the Authority and to its home state regulator pursuant to regulation 4(4)(a) of the principal Regulations (of a change in the requisite details of its branch) on or before 31st October 2007, regulation 4 continues to apply in relation to that change as if it had not been amended by these Regulations, and regulation 4A of the principal Regulations (inserted by these Regulations) does not apply in relation to that change.

(2) Where an investment firm has given notice to the Authority and to its home state regulator pursuant to regulation 5(3)(a) of the principal Regulations or before 31st October 2007 (in relation to a change in the matters referred to in regulation 3(2)(b) of those Regulations), regulation 5 continues to apply in relation to that change as if it had not been amended by these Regulations, and regulation 5A of the principal Regulations (inserted by these Regulations) does not apply in relation to that change.

(3) Where on or before 31st October 2007—

(a) a UK investment firm has given notice to the Authority and to its host state regulator pursuant to regulation 11(2)(a) of the principal Regulations (of a change in the requisite details of the branch) on or before 31st October 2007, but

(b) the Authority has not performed its function under regulation 11(4) of those Regulations,

the Authority must inform the host state regulator of the change pursuant to regulation 11A(3) of the principal Regulations (inserted by these Regulations) instead of performing its function under regulation 11(4).

(4) Where the Authority has performed its function under regulation 11(4) of the principal Regulations (in relation to a change in the requisite details of a branch by a UK investment firm) on or before 31st October 2007, regulation 11 of the principal Regulations continues to apply in relation to that change as if it had not been amended by these Regulations, and regulation 11A of the principal Regulations (inserted by these Regulations) does not apply in relation to that change.

(5) Where a UK investment firm has given notice to the Authority and to its host state regulator pursuant to regulation 12(2)(a) of the principal Regulations (in relation to a change in its programme of operations or EEA activities) on or before 31st October 2007—

(a) regulation 12A of the principal Regulations (inserted by these Regulations) does not apply in relation to that change;

(b) the firm must not make the change to which the notice relates until the period of one month beginning with the day on which it gave the notice pursuant to regulation 12(2)(a) of the principal Regulations has elapsed; and

(c) the Authority must, as soon as reasonably practicable after receiving the notice, inform the host state regulator of the proposed change.

(6) In this regulation, “UK investment firm” means a UK firm (within the meaning of Schedule 3)—

(a) which is an investment firm (within the meaning of the investment services directive); and

(b) whose EEA right derives from that directive.