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Textual Amendments
F1Sch. 11A inserted (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(2), Sch. 2
Modifications etc. (not altering text)
C1Sch. 3 extended (with modifications) (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 25-27; S.I. 2001/3538, art. 2(1)
Sch. 3 extended (with modifications) (Gibraltar) (5.10.2001 for specified purposes, 1.12.2001 in so far as not already in force) by S.I. 2001/3084, arts. 1(1), 2-4 (as amended (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 3 (which amending S.I. is itself amended by S.I. 2014/1313, arts. 1, 2(a)); and as amended (31.12.2020) by S.I. 2019/589, regs. 1(3), 5-9 (with reg. 12) (as amended by S.I. 2020/1274, regs. 1, 2)); S.I. 2001/3538, art. 2(1)
Sch. 3 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(b), 128(3)(b) (with art. 23(2))
13(1)[F2If the firm falls within paragraph 5(a), (b), [F3(c), (d) or (f)],] the establishment conditions are that—
(a)the Authority has received notice (“a consent notice”) from the firm’s home state regulator that it has given the firm consent to establish a branch in the United Kingdom;
(b)the consent notice—
(i)is given in accordance with the relevant single market directive;
(ii)identifies the activities to which consent relates; and
(iii)includes such other information as may be prescribed; and
(c)the firm has been informed of the applicable provisions or two months have elapsed beginning with the date when the Authority received the consent notice.
[F4(1A)If the firm falls within paragraph 5(e), the establishment conditions are that—
(a)the firm has given its home state regulator notice of its intention to establish a branch in the United Kingdom;
(b)the Authority has received notice (“a regulator’s notice”) from the firm’s home state regulator that the firm intends to establish a branch in the United Kingdom;
(c)the firm’s home state regulator has informed the firm that the regulator’s notice has been sent to the Authority; and
(d)one month has elapsed beginning with the date on which the firm’s home state regulator informed the firm that the regulator’s notice has been sent to the Authority.]
(2)If the Authority has received a consent notice, it must—
(a)prepare for the firm’s supervision;
(b)notify the firm of the applicable provisions (if any); and
(c)if the firm falls within paragraph 5(d), notify its home state regulator of the applicable provisions (if any).
(3)A notice under sub-paragraph (2)(b) or (c) must be given before the end of the period of two months beginning with the day on which the Authority received the consent notice.
(4)For the purposes of this paragraph—
“applicable provisions” means the host state rules with which the firm is required to comply when carrying on a permitted activity through a branch in the United Kingdom;
“host state rules” means rules—
made in accordance with the relevant single market directive; and
which are the responsibility of the United Kingdom (both as to implementation and as to supervision of compliance) in accordance with that directive; and
“permitted activity” means an activity identified in the consent notice [F5or regulator’s notice, as the case may be].
Textual Amendments
F2Words in Sch. 3 para. 13(1) inserted (14.1.2005) by The Insurance Mediation Directive (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/1473), reg. 3(2)
F3Words in Sch. 3 para. 13(1) substituted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg. 3(1)(a)
F4Sch. 3 para. 13(1A) inserted (14.1.2005) by The Insurance Mediation Directive (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/1473), reg. 3(3)
F5Sch. 3 para. 13(4): words in definition of "permitted activity" inserted (14.1.2005) by The Insurance Mediation Directive (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/1473), reg. 3(4)
Modifications etc. (not altering text)
C2Sch. 3 para. 13 extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 96 (with art. 23(2))
Commencement Information
I1Sch. 3 Pt. II para. 13 wholly in force at 1.12.2001; Sch. 3 Pt. II para. 13 not in force at Royal Assent see s. 431(2); Sch. 3 Pt. II para. 13 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b)(c), Sch. Pts. 2, 3; Sch. 3 Pt. II para. 13 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; Sch. 3 Pt. II para. 13 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)