SCHEDULESF36
C1SCHEDULE 3EEA Passport Rights
Part I Defined terms
The single market directives
I11
“The single market directives” means—
F1a
the banking consolidation directive;
c
the insurance directives; F2. . .
F3ca
the reinsurance directive;
e
the insurance mediation directiveF7; and
f
the UCITS directive.
The banking co-ordination directives
F8I22
”The banking consolidation directive” means Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions.
The insurance directives
I33
1
“The insurance directives” means the first, second and third non-life insurance directives and the F9life assurance consolidation directive.
2
“First non-life insurance directive” means the Council Directive of 24 July 1973 on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct insurance other than life assurance (No.73/239/EEC).
3
“Second non-life insurance directive” means the Council Directive of 22 June 1988 on the co-ordination of laws, etc, and laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 73/239/EEC (No.88/357/EEC).
4
“Third non-life insurance directive” means the Council Directive of 18 June 1992 on the co-ordination of laws, etc, and amending Directives 73/239/EEC and 88/357/EEC (No.92/49/EEC).
F108
“Life assurance consolidation directive” means Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance.
F30The reinsurance directive
Sch. 3 para. 3A and cross-heading inserted (10.12.2007) by The Reinsurance Directive Regulations 2007 (S.I. 2007/3253), reg. 2(1), Sch. 1 para. 6(b)
3A
“The reinsurance directive” means Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC.
The investment services directive
4
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F31The insurance mediation directive
Sch. 3 para. 4A and cross-heading inserted (14.1.2005) by The Insurance Mediation Directive (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/1473), reg. 2(b)
4A
“The insurance mediation directive” means the European Parliament and Council Directive of 9th December 2002 on insurance mediation (No.2002/92/EC).
F32The UCITS directive
Sch. 3 para. 4B and cross-heading inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg. 2(2)(b)
4B
“The UCITS directive” means the Council Directive of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (No.85/611/EEC).
F33The markets in financial instruments directive
Sch. 3 para. 4C and preceding cross-heading inserted (6.12.2006) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Modification of Powers) Regulations 2006 (S.I. 2006/2975), reg. 13
4C
”The markets in financial instruments directive” means Directive 2004/39/ EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments.
EEA firm
I45
“EEA firm” means any of the following if it does not have its F12relevant office in the United Kingdom—
a
F15b
a credit institution (as defined in Article 4.1 of the banking consolidation directive) which is authorised (within the meaning of Article 4.2) by its home state regulator,
c
a financial institution (as defined in Article 4.5 of the banking consolidation directive) which is a subsidiary of the kind mentioned in Article 24 and which fulfils the conditions in that Article;
d
an undertaking pursuing the activity of direct insurance (within the meaning of F16Article 2 of the life assurance consolidation directive or Article 1 of the first non-life insurance directive) which has received authorisation under F17Article 4 of the life assurance consolidation directive or Article 6 of the first non-life insurance directive from its home state regulator.F18; F19. . .
F20da
an undertaking pursuing the activity of reinsurance (within the meaning of Article 2.1(a) of the reinsurance directive) which has received authorisation under (or is deemed to be authorised in accordance with) Article 3 of the reinsurance directive from its home state regulator;
e
an insurance intermediary (as defined in Article 2.5 of the insurance mediation directive), or a reinsurance intermediary (as defined in Article 2.6) which is registered with its home state regulator under Article 3.F21; or
f
a management company (as defined in Article 1a.2 of the UCITS directive) which is authorised (within the meaning of Article 5) by its home state regulator.
F225A
In paragraph 5, “ relevant office ” means—
a
in relation to a firm falling within sub-paragraph (e) of that paragraph which has a registered office, its registered office;
b
in relation to any other firm, its head office.
EEA authorisation
F23I56
“EEA authorisation” means—
a
in relation to an EEA firm falling within paragraph 5(e), registration with its home state regulator under Article 3 of the insurance mediation directive;
b
in relation to any other EEA firm, authorisation granted to an EEA firm by its home state regulator for the purpose of the relevant single market directive.
EEA right
I67
“EEA right” means the entitlement of a person to establish a branch, or provide services, in an EEA State other than that in which he has his F24relevant office—
a
in accordance with the Treaty as applied in the EEA; and
b
subject to the conditions of the relevant single market directive.
F257A
In paragraph 7, “ relevant office ” means—
a
in relation to a person who has a registered office and whose entitlement is subject to the conditions of the insurance mediation directive, his registered office;
b
in relation to any other person, his head office.
EEA State
F26I78
“EEA State” has the meaning given by Schedule 1 to the Interpretation Act 1978.
Home state regulator
I89
“Home state regulator” means the competent authority (within the meaning of the relevant single market directive) of an EEA State (other than the United Kingdom) in relation to the EEA firm concerned.
UK firm
I910
“UK firm” means a person whose F27relevant office is in the UK and who has an EEA right to carry on activity in an EEA State other than the United Kingdom.
F28F2810A
In paragraph 10, “relevant office” means—
a
in relation to a firm whose EEA right derives from the insurance mediation directive and which has a registered office, its registered office;
b
in relation to any other firm, its head office.
F34UK investment firm
Sch. 3 para. 10B inserted (1.4.2007 for certain purposes, otherwise 1.11.2007) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(4), Sch. 4 para. 5
10B
”UK investment firm” means a UK firm—
a
which is an investment firm, and
b
whose EEA right derives from the markets in financial instruments directive.
Host state regulator
I1011
“Host state regulator” means the competent authority (within the meaning of the relevant single market directive) of an EEA State (other than the United Kingdom) in relation to a UK firm’s exercise of EEA rights there.
Tied agent
F3511A
”Tied agent” has the meaning given in Article 4.1.25 of the markets in financial instruments directive.
F2911BF29Management company
“Management company” has the meaning given in Article 2.1(b) of the UCITS directive.
11CUCITS
“UCITS” has the meaning given in Article 1.2 of the UCITS directive.
Sch. 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))