SCHEDULE 3EEA Passport Rights
Part III Exercise of Passport Rights by UK Firms
Tied agents
F1Notice of intention to market F2a UCITS
20B
(1)
The operator of a UCITS established in the United Kingdom may not exercise an EEA right to market the units of that UCITS in the territory of another EEA State unless the operator has given the F3appropriate UK regulator, in the specified way, notice of its intention to market the units (“notice of intention”) which contains, and is accompanied by, such information as may be specified in rules, or in regulations made by the European Commission under the UCITS directive.
(2)
The F3appropriate UK regulator must ensure that the information referred to in sub-paragraph (1) may be transmitted to it electronically.
(3)
The F3appropriate UK regulator must verify whether the information submitted with the notice of intention is complete and, within 10 days of the date on which the F3appropriate UK regulator received the complete information required, send to the host state regulator—
(a)
a copy of the notice of intention;
(b)
the accompanying information; and
(c)
confirmation that the operator and the UCITS fulfil the conditions imposed by the UCITS directive.
(4)
The F3appropriate UK regulator must ensure that the host state regulator has electronic access to the information and documents referred to in sub-paragraph (3).
(5)
The F3appropriate UK regulator must notify the operator immediately that the information referred to in sub-paragraph (3) has been sent to the competent authorities of the host state regulator.
(6)
The operator may market the units of the UCITS in the territory of the host state regulator from the moment it receives the notification referred to in sub-paragraph (5).
(7)
In this paragraph—
“operator” has the same meaning as in section 237 of this Act;
“specified” means specified in rules.