SCHEDULE 3EEA Passport Rights
Part I Defined terms
The single market directives
1
“The single market directives” means—
F3(c)
the Solvency 2 Directive;
F4(ca)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(g)
the alternative investment fund managers directive F12; and
(h)
the mortgages directive.
The banking co-ordination directives
F13 2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14The Solvency 2 Directive
3
“The Solvency 2 Directive” means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).
F15The reinsurance directive
F163A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The investment services directive
4
F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F18The insurance mediation directive
4A
“The insurance mediation directive” means the European Parliament and Council Directive of 9th December 2002 on insurance mediation ( No. 2002/92/EC).
F19The UCITS directive
F204B
“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).
F21The markets in financial instruments directive
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.
F22The emission allowance auctioning regulation
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.
F23The alternative investment fund managers directive
4E.
“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.
F24The mortgages directive
4F.
“The mortgages directive” means Directive 2014/17/EU of the European Parliament and of the Council of 4th February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010.
EEA firm
5
“EEA firm” means any of the following if it does not have its F25relevant office in the United Kingdom—
(a)
F28(b)
a credit institution (as defined in Article 4(1)(1) of the capital requirements regulation) which is authorised (within the meaning of Article 8 of the capital requirements directive) by its home state regulator;
F29(c)
a financial institution (as defined in Article 4(1)(26) of the capital requirements regulation) which is a subsidiary of the kind mentioned in Article 34 of the capital requirements directive and which fulfils the conditions of that Article;
F30(d)
an undertaking pursuing the activity of direct insurance (within the meaning of Article 2 of the Solvency 2 Directive) which has received authorisation under Article 14 of that directive from its home state regulator;
(da)
an undertaking pursuing the activity of reinsurance (within the meaning of Article 2 of the Solvency 2 Directive) as a reinsurance undertaking which has received authorisation under Article 14 of that 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; F31 ...
F32(f)
(g)
(h)
(i)
a mortgage intermediary which is admitted (in accordance with Article 29(1) of the mortgages directive) by its home state regulator to carry out all or part of the credit intermediation activities set out in Article 4(5) of that directive or to provide advisory services (as defined in Article 4(21) of that directive).
F395A
In paragraph 5, “relevant office” means—
(a)
in relation to a firm falling within sub-paragraph (e) F40or (i) of that paragraph which has a registered office, its registered office;
F41(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 authorisation
F42 6
“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 F43or, as the case may be, the emission allowance auctioning regulation.
EEA right
7
“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 F44relevant office—
(a)
in accordance with the Treaty as applied in the EEA; and
(b)
subject to the conditions of the relevant single market directive F45or, as the case may be, the emission allowance auctioning regulation.
F467A
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 F47or the mortgages directive, his registered office;
F48(aa)
F49in relation to a person whose entitlement is subject to the conditions of the alternative investment fund managers directive, its registered office;
F49(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 State
F508
“EEA State ” has the meaning given by Schedule 1 to the Interpretation Act 1978.
Home state regulator
9
“Home state regulator” means the competent authority (within the meaning of the relevant single market directive F51or, 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.
UK firm
10
“UK firm” means a person whose F52relevant office is in the UK and who has an EEA right to carry on activity in an EEA State other than the United Kingdom.
F5310A
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;
F54F55(aa)
in relation to a firm whose EEA right derives from the alternative investment fund managers directive, its registered office;
F55(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.
F56UK investment firm
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
11
“Host state regulator” means the competent authority (within the meaning of the relevant single market directive F57or, 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.
F58Tied agent
11A
”Tied agent” has the meaning given in Article 4.1.25 of the markets in financial instruments directive.
F59Management company
11B
“Management company” has the meaning given in Article 2.1(b) of the UCITS directive.
UCITS
11C
“UCITS” has the meaning given in Article 1.2 of the UCITS directive.
F60EEAAIFM
11D.
“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.