SCHEDULES

SCHEDULE 3EEA Passport Rights

Part IIExercise of Passport Rights by EEA Firms

Grant of permission

15

1

On qualifying for authorisation as a result of paragraph 12, 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).

2

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.

3

Sections 21, 39(1) and 147(1) of the [1974 c. 39.] Consumer 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 the Director General of Fair Trading has exercised the power conferred on him by section 203 in relation to the firm.

4

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