Part IU.K. Defined terms
The single market directivesU.K.
1U.K.“The single market directives” means—
[(a)the banking consolidation directive;]
(c)the insurance directives; . . .
[(ca) the reinsurance directive;]
(d)the [markets in financial instruments directive][; . . .
(e)the insurance mediation directive][; ...
(f)the UCITS directive] [; and
(g)the alternative investment fund managers directive].
Textual Amendments
Commencement Information
The banking co-ordination directivesU.K.
[ 2 U.K. ”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 [ as last amended [by Directive 2011/89/EU] of the European Parliament and of the Council].]
Textual Amendments
Modifications etc. (not altering text)
Commencement Information
The insurance directivesU.K.
3(1)“The insurance directives” means the first, second and third non-life insurance directives and the [life assurance consolidation directive].U.K.
(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).
[(8) “Life assurance consolidation directive” means Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance.]
Textual Amendments
Commencement Information
[The reinsurance directiveU.K.
3AU.K. “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 directiveU.K.
4U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[The insurance mediation directiveU.K.
4AU.K. “The insurance mediation directive” means the European Parliament and Council Directive of 9th December 2002 on insurance mediation ( No. 2002/92/EC).]
[The UCITS directiveU.K.
[4BU.K. “The UCITS directive ” means the Directive of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (No 2009/65/EC).]]
[The markets in financial instruments directiveU.K.
4CU.K. ”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.]
The emission allowance auctioning regulationU.K.
[4D. “The emission allowance auctioning regulation” means Commission Regulation ( EU ) No 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/ EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community.]
[The alternative investment fund managers directiveU.K.
4E.U.K.“The alternative investment fund managers directive” means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers.]
EEA firmU.K.
5U.K.“EEA firm” means any of the following if it does not have its [relevant office] in the United Kingdom—
(a)an investment firm (as defined in [Article 4.1.1 of the markets in financial instruments directive]) which is authorised (within the meaning of [Article 5]) by its home state regulator;
[(b)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 [Article 2 of the life assurance consolidation directive or Article 1 of the first non-life insurance directive]) which has received authorisation under [Article 4 of the life assurance consolidation directive or Article 6 of the first non-life insurance directive] from its home state regulator [; . . .
[(da)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;] ...
[(f) a management company (as defined in paragraph 11B) which is authorised (within the meaning of Article 6 of the UCITS directive) by its home state regulator] [; ...
(g)a person who has received authorisation under Article 18.2 of the emission allowance auctioning regulation] [; or
(h)an AIFM (as defined in Article 4.1(b) of the alternative investment fund managers directive) which is authorised (in accordance with [Article 6.1 of] that directive) by its home state regulator].
Textual Amendments
Commencement Information
[5AU.K. 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;
[(aa)in relation to a firm falling within sub-paragraph (h) of that paragraph, its registered office;]
(b)in relation to any other firm, its head office.]
EEA authorisationU.K.
[ 6U.K. “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 [or, as the case may be, the emission allowance auctioning regulation].]
Textual Amendments
Commencement Information
EEA rightU.K.
7U.K.“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 [relevant office]—
(a)in accordance with the Treaty as applied in the EEA; and
(b)subject to the conditions of the relevant single market directive [or, as the case may be, the emission allowance auctioning regulation].
Textual Amendments
Commencement Information
[7AU.K. 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;
[(aa)[in relation to a person whose entitlement is subject to the conditions of the alternative investment fund managers directive, its registered office;]]
[(aa)in relation to a person whose entitlement is subject to the conditions of the alternative investment fund managers directive—
(i)if the person’s registered office is in an EEA State, its registered office;
(ii)if the person’s registered office is not in an EEA State, the registered office or branch of its legal representative (as defined in Article 4(1)(u) of the alternative investment fund managers directive);]
(b)in relation to any other person, his head office.]
EEA StateU.K.
[8U.K. “EEA State ” has the meaning given by Schedule 1 to the Interpretation Act 1978.]
Textual Amendments
Commencement Information
Home state regulatorU.K.
9U.K.“Home state regulator” means the competent authority (within the meaning of the relevant single market directive [or, as the case may be, the emission allowance auctioning regulation]) of an EEA State (other than the United Kingdom) in relation to the EEA firm concerned.
Textual Amendments
Commencement Information
UK firmU.K.
10U.K.“UK firm” means a person whose [relevant office] is in the UK and who has an EEA right to carry on activity in an EEA State other than the United Kingdom.
Textual Amendments
Commencement Information
[10AU.K. 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;
[[(aa)in relation to a firm whose EEA right derives from the alternative investment fund managers directive, its registered office;]]
[(aa)in relation to a firm whose EEA right derives from the alternative investment fund managers directive—
(i)if the firm’s registered office is in an EEA State, its registered office;
(ii)if the firm’s registered office is not in an EEA State, the registered office or branch of its legal representative (as defined in Article 4(1)(u) of the alternative investment fund managers directive);]
(b)in relation to any other firm, its head office.]
[UK investment firmU.K.
10BU.K.”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 regulatorU.K.
11U.K.“Host state regulator” means the competent authority (within the meaning of the relevant single market directive [or, as the case may be, the emission allowance auctioning regulation]) of an EEA State (other than the United Kingdom) in relation to a UK firm’s exercise of EEA rights there.
Textual Amendments
Commencement Information
[Tied agentU.K.
11AU.K.”Tied agent” has the meaning given in Article 4.1.25 of the markets in financial instruments directive.]
[Management companyU.K.
11BU.K. “Management company” has the meaning given in Article 2.1(b) of the UCITS directive.
UCITSU.K.
11CU.K. “UCITS” has the meaning given in Article 1.2 of the UCITS directive.]
[EEAAIFMU.K.
11D.U.K.“EEAAIFM” means an EEA firm falling within paragraph 5(h) which is exercising in the United Kingdom a right deriving from the alternative investment fund managers directive.]