SCHEDULES
C1SCHEDULE 3EEA Passport Rights
Part II Exercise of Passport Rights by EEA Firms
Firms qualifying for authorisation
I112
1
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.
2
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.
F13
If an EEA firm falling within paragraph 5(a) F4or (b) 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.
4
But if—
a
an EEA firm already qualifies for authorisation by virtue of sub-paragraph (1); and
b
the EEA right which it is exercising derives from the markets in financial instruments directive,
sub-paragraph (3) does not require the firm to satisfy the establishment conditions in respect of its use of the tied agent in question.
F25
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.
6
Sub-paragraphs (1) and (2) do not apply to an EEA firm falling within paragraph 5(da).
F37
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.
8
An EEA firm which falls within paragraph 5(g) qualifies for authorisation.
9
An EEA firm which falls within paragraph 5(a) or (b) but does not qualify for authorisation under sub-paragraph (1) or (2) qualifies for authorisation under this sub-paragraph if it—
a
has received authorisation from its home state regulator under Article 18.3 of the emission allowance auctioning regulation; and
b
is seeking to provide services or establish a branch in the United Kingdom in the exercise of the EEA right arising under that provision.
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))