Once an EEA firm which is seeking to establish a branch in the United Kingdom in exercise of an EEA right satisfies the establishment conditions, it qualifies for authorisation.

Once an EEA firm which is seeking to provide services in the United Kingdom in exercise of an EEA right satisfies the service conditions, it qualifies for authorisation.

If an EEA firm falling within paragraph 5(a) is seeking to use a tied agent established in the United Kingdom in connection with the exercise of an EEA right deriving from the markets in financial instruments directive, this Part of this Schedule applies as if the firm were seeking to establish a branch in the United Kingdom.

An EEA firm which falls within paragraph 5(da) which establishes a branch in the United Kingdom, or provides services in the United Kingdom, in exercise of an EEA right qualifies for authorisation.

Sub-paragraphs (1) and (2) do not apply to an EEA firm falling within paragraph 5(da).

Sub-paragraph (2) does not apply to an EEA firm which falls within paragraph 5(a), (b) or (g), and only provides services in the exercise of its right under Article 18 of the emission allowance auctioning regulation.

An EEA firm which falls within paragraph 5(g) qualifies for authorisation.

Where the PRA receives a consent notice, it must give a copy to. the FCA without delay.

Where the FCA receives a consent notice it must in prescribed cases give a copy to the PRA without delay.

A notice under sub-paragraph (2)(b) or (c) must be given before the end of the period of two months beginning with the day on which the F52appropriate UK regulator received the consent notice.

For the purposes of this paragraph—

• “applicable provisions” means the host state rules with which the firm is required to comply when carrying on a permitted activity through a branch in the United Kingdom;

• F53“the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the relevant single market directive;

• “host state rules” means rules—

  1. a

     made in accordance with the relevant single market directive F27or for the purposes of the emission allowance auctioning regulation; and

  2. b

     which are the responsibility of the United Kingdom (both as to implementation and as to supervision of compliance) in accordance with that directive F50or for the purposes of that regulation; and

• “permitted activity” means an activity identified in the consent notice F6or regulator’s notice, as the case may be.

Where the PRA receives a relevant notice, it must give a copy to the FCA without delay.

Where the FCA receives a relevant notice, it must in prescribed cases give a copy to the PRA without delay.

If the appropriate UK regulator has received a relevant notice, it must, unless the firm falls within paragraph 5(a) F29, (e) or (h), notify the firm of the applicable provisions (if any).

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A notice under sub-paragraph F62(2) must be given before the end of the period of two months beginning on the day on which the F49appropriate UK regulator received the relevant notice.

In cases where the firm is an EEAAIFM that seeks to market an AIF in exercise of its rights under Article 32F64, 35, 39 or 40 of the alternative investment fund managers directive, the appropriate UK regulator must ensure that the regulator’s notice may be transmitted to it electronically.

For the purposes of this paragraph—

• “applicable provisions” means the host state rules with which the firm is required to comply when carrying on a permitted activity by providing services in the United Kingdom;

• F48“the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the relevant single market directive;

• “host state rules” means rules—

  1. a

     made in accordance with the relevant single market directive F44or for the purposes of the emission allowance auctioning regulation; and

  2. b

     which are the responsibility of the United Kingdom (both as to implementation and as to supervision of compliance) in accordance with that directive F42or for the purposes of that regulation; and

• “permitted activity” means an activity identified in—

  1. a

     the regulator’s notice; or

  2. b

     where none is required by sub-paragraph (1), the notice of intention.

On qualifying for authorisation as a result of F21paragraph 12(1), (2) or (3), a firm has, in respect of each permitted activity which is a regulated activity, permission to carry it on through its United Kingdom branch (if it satisfies the establishment conditions) or by providing services in the United Kingdom (if it satisfies the service conditions).

Sub-paragraph (1) is to be read subject to F26paragraphs 15A(3) and 15ZA(1).

The permission is to be treated as being on terms equivalent to those appearing from the consent notice, regulator’s notice or notice of intention.

Sections F2321 and 39(1) of the M1Consumer Credit Act 1974 (business requiring a licence under that Act) do not apply in relation to the carrying on of a permitted activity which is Consumer Credit Act business by a firm which qualifies for authorisation as a result of paragraph 12, unless F1the Office of Fair Trading has exercised the power conferred on F2it by section 203 in relation to the firm.

“Consumer Credit Act business” has the same meaning as in section 203.

A firm which qualifies for authorisation as a result of paragraph 12(5) has, in respect of each permitted activity which is a regulated activity, permission to carry it on through its United Kingdom branch or by providing services in the United Kingdom.

The permission is to be treated as being on terms equivalent to those appearing in the authorisation granted to the firm under Article 3 of the reinsurance directive by its home state regulator (“its home authorisation”).

For the purposes of sub-paragraph (5), “permitted activity” means an activity which the firm is permitted to carry on under its home authorisation.

A firm that qualifies for authorisation as a result of paragraph 12(1) or (2) has permission to receive, transmit or submit a bid on behalf of its clients in the exercise of its rights under Article 18.3 of the emission allowance auctioning regulation if it has received authorisation under that provision from its home state regulator.

Permission under sub-paragraph (1) is to be treated as being on terms equivalent to those appearing in the authorisation granted to the firm pursuant to Article 18.3 of the emission allowance auctioning regulation.

A firm which qualifies for authorisation as a result of paragraph 12(9) has permission to receive, transmit and submit a bid on behalf of its clients in the exercise of its rights under Article 18.3 of the emission allowance auctioning regulation.

A firm which qualifies for authorisation as a result of paragraph 12(8) has permission to receive, transmit and submit a bid on its own account or on behalf of clients of its main business under Article 18.2 of the emission allowance auctioning regulation.

The permissions referred to in sub-paragraphs (3) and (4) are to be treated as being on terms equivalent to those appearing in the authorisation granted to the firm pursuant to Article 18.2 or 18.3 of the emission allowance auctioning regulation.

An EEA firm falling within paragraph 5(f) which wishes to manage a UKUCITS must apply to the F35appropriate UK regulator in the specified form for approval to manage that UCITS.

Where the EEA firm satisfies the conditions in paragraph 13 (establishment conditions) or paragraph 14 (service conditions), the F35appropriate UK regulator may only refuse the application if it determines that one of the grounds set out in sub-paragraph (3) applies.

The F35appropriate UK regulator must give a notice to the EEA firm, the firm's home state regulator and the Commission of the F35appropriate UK regulator's determination under sub-paragraph (2).

Before giving a notice under sub-paragraph (4), the F35appropriate UK regulator must consult the home state regulator of the firm.

In this paragraph—

• F31“the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the UCITS directive;

• “specified” means specified—

  1. a

     in rules made by the F35appropriate UK regulator to implement the UCITS directive, or

  2. b

     in any directly applicable Community regulation or decision made under the UCITS directive;

• “UCITS home state rules” means requirements which are imposed by or under this Act so far as relating to matters falling within Article 19(3) and (4) of the UCITS directive.

Within a reasonable time after the end of the period for making representations, the F28appropriate UK regulator must decide, in the light of any representations made to it during that period by a person to whom notice has been given under paragraph 15A(4), whether to withdraw the notice.

The management company to whom the decision notice is given may refer the matter to the Tribunal.

In this paragraph “the appropriate UK regulator” has the same meaning as in paragraph 15A.

This paragraph applies to an EEA firm which is not qualified for authorisation under paragraph 12.

Section 26 does not apply to an agreement entered into by the firm.

Section 27 does not apply to an agreement in relation to which the firm is a third party for the purposes of that section.

Section 29 does not apply to an agreement in relation to which the firm is the deposit-taker.