SCHEDULES

SCHEDULE 3EEA Passport Rights

Part III Exercise of Passport Rights by UK Firms

Continuing regulation of UK firms

24

(1)

Sub-paragraph (2) applies if a UK firm—

(a)

is not required to have a Part IV permission in relation to the business which it is carrying on; and

(b)

is exercising the right conferred by F1F2Article 24 of the banking consolidation directive to carry on that business in an EEA State other than the United Kingdom.

(2)

If requested to do so by the host state regulator in the EEA State in which the UK firm’s business is being carried on, the Authority may impose any requirement in relation to the firm which it could impose if—

(a)

the firm had a Part IV permission in relation to the business which it is carrying on; and

(b)

the Authority was entitled to exercise its power under that Part to vary that permission.