SCHEDULES
C2SCHEDULE 3EEA Passport Rights
Part II Exercise of Passport Rights by EEA Firms
Services
I114
C11
The service conditions are that—
a
the firm has given its home state regulator notice of its intention to provide services in the United Kingdom (“a notice of intention”);
b
F4ba
if the firm falls within paragraph 5(b) and is seeking to provide services in exercise of the right under Article F2534.6 of the markets in financial instruments directive, the F9appropriate UK regulator has received notice (“a regulator's notice”) from the firm's home state regulator stating that the firm intends to exercise that right in the United Kingdom;
c
F101A
“Relevant notice” means—
a
a regulator's notice, or
b
where none is required by sub-paragraph (1), a notice informing the appropriate UK regulator of the firm's intention to provide services in the United Kingdom.
1B
Where the PRA receives a relevant notice, it must give a copy to the FCA without delay.
1C
Where the FCA receives a relevant notice, it must in prescribed cases give a copy to the PRA without delay.
1D
If the FCA—
a
receives a relevant notice, or
b
receives under sub-paragraph (1B) a copy of a relevant notice,
it must prepare for the firm's supervision.
1E
If the PRA—
a
receives a relevant notice, or
b
receives under sub-paragraph (1C) a copy of a relevant notice which identifies PRA-regulated activities or relates to a PRA-authorised person,
it must, unless the firm falls within paragraph 5(e), prepare for the firm's supervision.
F112
If the appropriate UK regulator has received a relevant notice, it must, unless the firm falls within paragraph 5(a) F19, (e) or (h), notify the firm of the applicable provisions (if any).
F122A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
F243ZA
If the appropriate UK regulator has received a relevant notice in respect of a firm that falls within paragraph 5(i), it must use the information received from the firm’s home state regulator to enter the necessary information into the record maintained by the FCA by virtue of section 347(1).
F163A
In cases where the firm is an EEAAIFM that seeks to market an AIF in exercise of its rights under Article 32 F20, 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.
4
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;
F15“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—
- a
made in accordance with the relevant single market directive F7or for the purposes of the emission allowance auctioning regulation; and
- b
which are the responsibility of the United Kingdom (both as to implementation and as to supervision of compliance) in accordance with that directive F8or for the purposes of that regulation; and
- a
“permitted activity” means an activity identified in—
- a
the regulator’s notice; or
- b
where none is required by sub-paragraph (1), the notice of intention.
- a
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))