SCHEDULES

SCHEDULE 3EEA Passport Rights

Part IIExercise of Passport Rights by EEA Firms

Establishment

13(1)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.

(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—