SCHEDULE 3EEA Passport Rights
Part II Exercise of Passport Rights by EEA Firms
Power to restrict permission of management companies
15A
(1)
Sub-paragraph (2) applies if—
(a)
a firm falling within paragraph 5(f) qualifies for authorisation as a result of paragraph 12(1) (establishment conditions satisfied); but
(b)
the Authority determines that the way in which the firm intends to invite persons in the United Kingdom to become participants in any collective investment scheme which that firm manages does not comply with the law in force in the United Kingdom.
(2)
The Authority may give a notice to the firm and the firm’s home state regulator of the Authority’s determination under sub-paragraph (1)(b).
(3)
Paragraph 15(1) does not give a firm to which the Authority has given (and not withdrawn) a notice under sub-paragraph (2) permission to carry on through the firm’s United Kingdom branch the regulated activity of dealing in units in the collective investment schemes which the firm manages.
(4)
Any notice given under sub-paragraph (2) must be given before the end of the period of two months beginning with the day on which the Authority received the consent notice.
(5)
Sections 264(4) and 265(1), (2) and (4) apply to a notice given under sub-paragraph (2) as they apply to a notice given by the Authority under section 264(2).
(6)
If a decision notice is given to the firm under section 265(4), by virtue of sub-paragraph (5), the firm may refer the matter to the Tribunal.
(7)
In sub-paragraph (3)—
(a)
“units” has the meaning given by section 237(2); and
(b)
the reference to “dealing in” units in a collective investment scheme must be read with—
(i)
section 22;
(ii)
any relevant order under that section; and
(iii)
Schedule 2.
F1F2Representations and references to the Tribunal
F215B
(1)
Within a reasonable time after the end of the period for making representations, the Authority 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.
(2)
If the Authority decides not to withdraw its notice, it must—
(a)
give a decision notice to each person to whom the notice under paragraph 15A(4) was given, and
(b)
inform the firm's home state regulator and the Commission that authorisation has been refused, and of the grounds for the refusal.
(3)
The management company to whom the decision notice is given may refer the matter to the Tribunal.
Information to home state regulator
15C
(1)
Where an EEA firm falling within paragraph 5(f) has applied to manage a UCITS established in the United Kingdom, the Authority must without delay inform the home state regulator of that firm of any problem of which they are aware that may materially affect the ability of the firm—
(a)
to perform its duties properly, or
(b)
to comply with the home state rules.
(2)
In sub-paragraph (1), “home state rules” means rules—
(a)
made by the EEA State concerned in accordance with the UCITS directive; and
(b)
which are the responsibility of that EEA State (both as to implementation and as to supervision of compliance) in accordance with that directive.