SCHEDULE 3EEA Passport Rights
Part III Exercise of Passport Rights by UK Firms
F1Meaning of “the appropriate UK regulator”
18A
In this Part of this Schedule “the appropriate UK regulator” means—
(a)
where the UK firm is a PRA-authorised person, the PRA;
(b)
in any other case, the FCA.
Establishment
19
(1)
(2)
The first is that the firm has given the F6appropriate UK regulator, in the specified way, notice of its intention to establish a branch (“a notice of intention”) which—
(a)
identifies the activities which it seeks to carry on through the branch; and
(b)
includes such other information as may be specified.
(3)
F7Subject to sub-paragraph (5B), the activities identified in a notice of intention may include activities which are not regulated activities.
F8(4)
The second is that—
(a)
the F6appropriate UK regulator has given notice in specified terms (“a consent notice”) to the host state regulator; and
(b)
where the firm is a management company which wishes to pursue the activity of collective portfolio management referred to in Annex II to the UCITS directive, the F6appropriate UK regulator has provided to the host state regulator—
(i)
confirmation that the firm has been authorised as a management company pursuant to the provisions of the UCITS directive;
(ii)
a description of the scope of the management company's authorisation; and
(iii)
details of any restriction on the types of UCITS that the management company is authorised to manage.
F9(5)
The third is—
(a)
F12(aa)
if the EEA right in question derives from the insurance distribution directive, that either—
(i)
the host state regulator has notified the appropriate UK regulator of the applicable provisions; or
(ii)
one month has elapsed beginning with the date on which the appropriate UK regulator gave the consent notice;
(b)
in any other case, that either—
(i)
(ii)
two months have elapsed beginning with the date on which the F6appropriate UK regulator gave the consent notice.
F14(5ZA)
This paragraph does not apply to F15a UK firm which falls within the second sub-paragraph of Article 2(1) of the Solvency 2 Directive.
F16(5ZB)
This paragraph does not apply to a UK firm having an EEA right which is subject to the conditions of the emission allowance auctioning regulation, in respect of its exercise of that EEA right.
F17(5A)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F18(5B)
If the firm is a UK investment firm, a notice of intention may not include ancillary services unless such services are to be provided in connection with the carrying on of one or more investment services and activities.
(5C)
In sub-paragraph (5B) “ancillary services” has the meaning given in Article 4.1.3 of the markets in financial instruments directive.
(6)
If the firm’s EEA right derives from F19the F20capital requirements directive, F21F22. . . or, in the case of a credit institution authorised under the F20capital requirements directive, the markets in financial instruments directive and the first condition is satisfied, the F6appropriate UK regulator must give a consent notice to the host state regulator unless it has reason to doubt the adequacy of the firm’s resources or its administrative structure.
F23(6A)
If the firm's EEA right derives from the UCITS directive and the first condition is satisfied, the F6appropriate UK regulator must give a consent notice and information about the compensation scheme to the host state regulator unless it has reason to doubt the adequacy of the firm's resources or its administrative structure, and must do so within two months beginning with the date on which it received the firm's notice of intention.
(7)
If the firm’s EEA right derives from F24the Solvency 2 Directive and the first condition is satisfied, the F6appropriate UK regulator must give a consent notice unless it has reason—
(a)
to doubt the adequacy of the firm’s resources or its administrative structure, or
(b)
to question the reputation, qualifications or experience of the directors or managers of the firm or the person proposed as the branch’s authorised agent for the purposes of F25that directive,
in relation to the business to be conducted through the proposed branch.
F26(7A)
If—
(a)
the firm’s EEA right derives from the F27insurance distribution directive,
(b)
the first condition is satisfied, and
(c)
the second condition applies,
F29(7B)
If the firm is a UK investment firm and the first condition is satisfied, the F6appropriate UK regulator must give a consent notice to the host state regulator within three months beginning with the date on which it received the firm's notice of intention unless the F6appropriate UK regulator has reason to doubt the adequacy of the firm's resources or its administrative structure.
F30(7BA)
Sub-paragraph (7BB) applies where—
(a)
the firm’s EEA right derives from the alternative investment fund managers directive,
(b)
the first condition is satisfied, and
(c)
the appropriate UK regulator is satisfied that the firm complies, and will continue to comply, with—
(i)
the provisions implementing the alternative investment fund managers directive, and
(ii)
any directly applicable EU regulation made under that directive.
(7BB)
The appropriate UK regulator must—
(a)
within two months of receiving the firm’s notice of intention, give a consent notice to the host state regulator,
(b)
send with that notice confirmation that the firm has been authorised by it pursuant to F31Article 6.1 of the alternative investment fund managers directive, and
(c)
immediately notify the firm that it has given the consent notice to the host state regulator.
(7BC)
If the firm’s EEA right derives from the alternative investment fund managers directive, the third condition does not apply.
F32(7BD)
If the firm’s EEA right derives from the mortgages directive and the first condition is satisfied, the appropriate UK regulator must give a consent notice to the host state regulator within one month beginning with the date on which it received the firm’s notice of intention.
F33(7C)
Where the PRA is the appropriate UK regulator, it must consult the FCA before deciding whether to give a consent notice, except where sub-paragraph (7A) applies.
(7D)
Where the FCA is the appropriate UK regulator, it must consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.
(8)
If the F6appropriate UK regulator proposes to refuse to give a consent notice it must give the firm concerned a warning notice.
(9)
(10)
Rules may specify the procedure to be followed by the F6appropriate UK regulator in exercising its functions under this paragraph.
(11)
F37(11ZA)
If the firm’s EEA right derives from the insurance distribution directive, where the appropriate UK regulator has given a consent notice and the host state regulator has acknowledged receipt of that notice, the appropriate UK regulator must give written notice to the firm concerned that the host state regulator has received the consent notice.
F38(11A)
If the firm’s EEA right derives from the mortgages directive, the appropriate UK regulator must give the written notice referred to in sub-paragraph (11) at the same time as it gives the consent notice to the host state regulator in accordance with sub-paragraph (7BD).
(12)
If the F6appropriate UK regulator decides to refuse to give a consent notice—
(a)
F41(aa)
the appropriate UK regulator must in the case of a credit institution notify EBA and the Commission; and
(b)
that person may refer the matter to the Tribunal.
F42(12ZA)
F44(12A)
In sub-paragraph (12), “the relevant period” means—
(a)
F46(aa)
if the firm’s EEA right derives from the insurance distribution directive, one month beginning with the date on which the appropriate UK regulator received the notice of intention;
(b)
in any other case, three months beginning with that date.
(13)
In this paragraph, “applicable provisions” means the host state rules with which the firm will be required to comply when conducting business through the proposed branch in the EEA State concerned.
(14)
In sub-paragraph (13), “host state rules” means rules—
(a)
made in accordance with the relevant single market directive; and
(b)
which are the responsibility of the EEA State concerned (both as to implementation and as to supervision of compliance) in accordance with that directive.
(15)
“Specified” means specified in rules.
Services
20
(1)
F47Subject to F48sub-paragraphs (4D) to F49(4I), a UK firm may not exercise an EEA right to provide services unless the firm has given the F50appropriate UK regulator, in the specified way, notice of its intention to provide services (“a notice of intention”) which—
(a)
identifies the activities which it seeks to carry out by way of provision of services; and
(b)
includes such other information as may be specified.
(2)
F51Subject to sub-paragraph (2A), the activities identified in a notice of intention may include activities which are not regulated activities.
F52(2A)
If the firm is a UK investment firm, a notice of intention may not include ancillary services unless such services are to be provided in connection with the carrying on of one or more investment services and activities.
(2B)
In sub-paragraph (2A) “ancillary services” has the meaning given in Article 4.1.3 of the markets in financial instruments directive.
(3)
If the firm’s EEA right derives from F53the F54capital requirements directive, F55markets in financial instruments directive F56, the mortgages directive or the UCITS directive, the F50appropriate UK regulator must, within one month of receiving a notice of intention, send a copy of it to the host state regulator F57with such other information as may be specified.
F58(3ZA)
If the firm's EEA right derives from the UCITS directive, the F50appropriate UK regulator must provide information about the compensation scheme with the information provided to the host state regulator under sub-paragraph (3).
F59(3A)
If the firm’s EEA right derives from F60the Solvency 2 Directive, the F50appropriate UK regulator must, within one month of receiving the notice of intention—
(a)
give notice in specified terms (“a consent notice”) to the host state regulator; or
(b)
give written notice to the firm of—
(i)
its refusal to give a consent notice; and
(ii)
its reasons for that refusal.
F61(3AA)
Where the PRA is the appropriate UK regulator, it must consult the FCA before deciding whether to give a consent notice.
(3AB)
Where the FCA is the appropriate UK regulator, it must consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.
F62(3B)
If the firm’s EEA right derives from the F63insurance distribution directive —
(a)
F65(b)
when the host state regulator has acknowledged receipt of that copy, the appropriate UK regulator must—
(i)
give written notice to the firm concerned that the host state regulator has received the notice of intention, and that the firm may begin providing the services to which the notice of intention relates, and
(ii)
notify the firm concerned of the applicable provisions (if any).
F66(c)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F67(3C)
If the firm is a management company which wishes to pursue the activity of collective portfolio management referred to in Annex II to the UCITS directive, the F50appropriate UK regulator must send with the documentation provided to the host state regulator under sub-paragraph (3)—
(a)
confirmation that the firm has been authorised as a management company pursuant to the provisions of the UCITS directive;
(b)
a description of the scope of the management company's authorisation; and
(c)
details of any restriction on the types of UCITS that the management company is authorised to manage.
F68(3D)
If the firm’s EEA right derives from the alternative investment fund managers directive, the appropriate UK regulator must—
(a)
if the condition in sub-paragraph (3E) is satisfied—
(i)
within one month of receiving the firm’s notice of intention, send a copy of the firm’s notice of intention to the host state regulator;
(ii)
send with that notice confirmation that the firm has been authorised by it pursuant to F69Article 6.1 of that directive, with such other information as may be specified; and
(iii)
immediately notify the firm that it has given the notice and confirmation to the host state regulator; or
(b)
give the firm written notice of its refusal to send a copy of the notice of intention to the host state regulator and its reasons for that refusal.
(3E)
The condition is that the appropriate UK regulator is satisfied that the firm complies, and will continue to comply, with—
(a)
the provisions implementing the alternative investment fund managers directive, and
(b)
any directly applicable EU regulation made under that directive.
(4)
F71(4A)
If the firm is given notice under sub-paragraph (3A)(b) F72or (3D)(b), it may refer the matter to the Tribunal.
(4B)
If the firm’s EEA right derives from F73the Solvency 2 Directive F74 or from F75the alternative investment fund managers directive, the markets in financial instruments directive F76 or the UCITS directive, it must not provide the services to which its notice of intention relates until it has received written notice under sub-paragraph (4).
F77(4BA)
F79(4BB)
If the firm’s EEA right derives from the mortgages directive it must not provide the services to which its notice of intention relates until one month, beginning with the date on which it receives the notice under sub-paragraph (4), has elapsed.
(4C)
Rules may specify the procedure to be followed by the F50appropriate UK regulator under this paragraph.
F80(4D)
This paragraph does not apply to F81a UK firm which falls within the second sub-paragraph of Article 2(1) of the Solvency 2 Directive.
F82(4E)
This paragraph does not apply to a UK firm having an EEA right which is subject to the conditions of the emission allowance auctioning regulation, in respect of its exercise of that EEA right.
F83(4F)
This paragraph does not apply to—
(a)
the operator of a UCITS established in the United Kingdom seeking to exercise an EEA right to market the units of that UCITS in the territory of another EEA State; or
(b)
a UK firm seeking to exercise an EEA right under the alternative investment fund managers directive to market an AIF.
F84(4G)
This paragraph does not apply to a UK firm exercising an EEA right to enter into a Community co-insurance contract if it is not the leading insurance undertaking.
(4H)
In this paragraph “Community co-insurance contract” means a contract of insurance which—
(a)
covers one or more risks that are within any of classes 3 to 16 of Annex I of the Solvency 2 Directive;
(b)
covers a large risk situated within the EEA which is not covered in whole or in part by another contract of insurance;
(c)
provides that the risk to which it relates is covered by an overall premium and for the same period by two or more insurance undertakings each for its own part as a co-insurer, at least one of which enters into the contract from a head office or branch established in an EEA State other than that of the leading insurance undertaking; and
(d)
provides that one of the co-insurers is the leading insurance undertaking.
(4I)
In this paragraph—
(a)
“leading insurance undertaking” means the insurance undertaking which under the Community co-insurance contract is specified as such and assumes fully the leader’s role including in particular—
(i)
being treated as covering the whole risk; and
(ii)
determining the terms and conditions of insurance and rating;
(b)
“large risk” has the meaning given in Article 13(27) of the Solvency 2 Directive but as if the risks referred to in point (c) of the first sub-paragraph of Article 13(27) included risks insured by professional associations, joint ventures, or temporary groupings.
F85(c)
“applicable provisions” means the host state rules with which the firm is required to comply when providing services in the EEA State concerned;
(d)
“host state rules” means rules—
(i)
made in accordance with the insurance distribution directive; and
(ii)
which are the responsibility of the EEA State concerned (both as to implementation and as to supervision and compliance) in accordance with that directive.
F86(5)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)
“Specified” means specified in rules.
F87Information for host state regulator
20ZA
(1)
The F88appropriate UK regulator must keep a record of the confirmation and other information provided to the host state regulator under paragraph 19(4) or paragraph 20(3C) in relation to a UK firm which is a management company.
(2)
The F88appropriate UK regulator must inform the host state regulator whenever there is a change in the confirmation or other information referred to in sub-paragraph (1).
F89(3)
The appropriate UK regulator must inform the host state regulator whenever it withdraws the authorisation of a credit institution in respect of which a notice under paragraph 19(6) or paragraph 20(3) has been given.
F90(4)
The appropriate UK regulator must inform the host state regulator whenever it—
(a)
withdraws the authorisation of a UK firm that exercises an EEA right under the mortgages directive to establish a branch or provide services in an EEA State other than the United Kingdom; or
(b)
varies the Part 4A permission of such a firm, so that the firm no longer has permission to carry on any activity to which the mortgages directive relates.
(5)
The appropriate UK regulator must provide the information referred to in sub-paragraph (4) as soon as possible and, at the latest, within 14 days of—
(a)
the date of the direction given in accordance with section 33(2) withdrawing the firm’s status as an authorised person, or
(b)
the date on which the variation of the Part 4A permission takes effect.
F91Tied agents
20A
(1)
If a UK investment firm F92or UK credit institution is seeking to use a tied agent established in an EEA State (other than 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 that State.
(2)
But if—
(a)
a UK investment firm F92or UK credit institution has already established a branch in an EEA State other than the United Kingdom in accordance with paragraph 19; and
(b)
the EEA right which it is exercising derives from the markets in financial instruments directive,
paragraph 19 does not apply in respect of its use of the tied agent in question.
F93(3)
In this paragraph “UK credit institution” means a UK firm—
(a)
which is a credit institution; and
(b)
whose EEA right derives from the markets in financial instruments directive.
F94Notice of intention to market F95a UCITS
20B
(1)
The operator of a UCITS established in the United Kingdom may not exercise an EEA right to market the units of that UCITS in the territory of another EEA State unless the operator has given the F96appropriate UK regulator, in the specified way, notice of its intention to market the units (“notice of intention”) which contains, and is accompanied by, such information as may be specified in rules, or in regulations made by the European Commission under the UCITS directive.
(2)
The F96appropriate UK regulator must ensure that the information referred to in sub-paragraph (1) may be transmitted to it electronically.
(3)
The F96appropriate UK regulator must verify whether the information submitted with the notice of intention is complete and, within 10 days of the date on which the F96appropriate UK regulator received the complete information required, send to the host state regulator—
(a)
a copy of the notice of intention;
(b)
the accompanying information; and
(c)
confirmation that the operator and the UCITS fulfil the conditions imposed by the UCITS directive.
(4)
The F96appropriate UK regulator must ensure that the host state regulator has electronic access to the information and documents referred to in sub-paragraph (3).
(5)
The F96appropriate UK regulator must notify the operator immediately that the information referred to in sub-paragraph (3) has been sent to the competent authorities of the host state regulator.
(6)
The operator may market the units of the UCITS in the territory of the host state regulator from the moment it receives the notification referred to in sub-paragraph (5).
(7)
In this paragraph—
“operator” has the same meaning as in section 237 of this Act;
“specified” means specified in rules.
F97Notice of intention to market an AIF
20C.
(1)
(2)
The first condition is that the full-scope UKAIFM has given the appropriate UK regulator, in the specified way, notice of its intention to market the AIF (“notice of intention”) which contains, and is accompanied by, such information as may be specified.
(3)
The appropriate UK regulator must ensure that the notice of intention and any accompanying information may be transmitted to it electronically.
(4)
The second condition is that the appropriate UK regulator has sent a copy of the notice of intention to the host state regulator, and has given written notice to the full-scope UKAIFM that it has done so.
(5)
Sub-paragraph (6) applies where—
(a)
the appropriate UK regulator is satisfied that the full-scope UKAIFM complies, and will continue to comply, with—
(i)
the provisions implementing the alternative investment fund managers directive, and
(ii)
any directly applicable EU regulation made under that directive, and
F99(b)
if the UKAIF or EEAAIF is a feeder AIF, its master AIF is a UKAIF or EEAAIF that is managed by—
(i)
a full-scope UKAIFM, or
(ii)
an AIFM authorised in another EEA State in accordance with Article 6.1 of the alternative investment fund managers directive.
F99(b)
if the AIF is a third country AIF or a third country feeder AIF—
(i)
appropriate co-operation arrangements are in place between the FCA and the supervisory authorities of the relevant third country in order to ensure an efficient exchange of information that allows the FCA to carry out its duties in accordance with the alternative investment fund managers directive,
(ii)
the relevant third country is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force,
(iii)
the relevant third country has signed an agreement with the United Kingdom and with each other EEA State in which the units or shares of the AIF are intended to be marketed, and
(iv)
the agreement fully complies with the standards laid down in Article 26 of the Organisation for Economic Co-operation and Development’s Model Tax Convention on Income and on Capital 2010(11) and ensures an effective exchange of information on tax matters, including any multilateral tax agreements.
(6)
The appropriate UK regulator must send a copy of the notice of intention to the host state regulator within 20 working days of receiving it.
(7)
When sending a copy of the notice of intention to the host state regulator, the appropriate UK regulator must send with the notice confirmation that the full-scope UKAIFM concerned is authorised to manage AIFs with a particular investment strategy, and a statement of that strategy.
(8)
If the notice of intention relates to an EEAAIF, the appropriate UK regulator must, when it sends a copy of the notice to the host state regulator, also inform the competent authority of the EEAAIF that the full-scope UKAIFM may start marketing the AIF in the EEA States covered by the notice.
(9)
The appropriate UK regulator must notify the full-scope UKAIFM immediately that the copy of the notice of intention has been sent to the host state regulator.
(10)
The full-scope UKAIFM may market the AIF in the territory of the host state regulator from the date it receives the notification referred to in sub-paragraph (9).
(11)
If the appropriate UK regulator refuses to send a copy of the notice of intention to the host state regulator—
(a)
the appropriate UK regulator must give the AIFM written notice of its refusal and its reasons for that refusal; and
(b)
the AIFM may refer the matter to the Tribunal.
(12)
In this paragraph—
“competent authority” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013;
“EEAAIF” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013;
“feeder AIF” has the meaning given in Article 4.1(m) of the alternative investment fund managers directive;
“master AIF” has the meaning given in Article 4.1(y) of that directive;
F100“relevant third country” means—
(a)
in relation to a third country AIF, the country in which the AIF is authorised or registered or, if the AIF is not authorised or registered, the country in which it has its registered office;
(b)
in relation to a third country feeder AIF, the country in which the master AIF is authorised or registered or, if the master AIF is not authorised or registered, the country in which it has its registered office;
“specified” means specified in rules;
F100“third country AIF” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013;
F100“third country feeder AIF” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013;
F100“third country AIFM” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013.”.
“UKAIF” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013.
Offence relating to exercise of passport rights
21
(1)
If a UK firm which is not an authorised person contravenes the prohibition imposed by—
(a)
sub-paragraph (1) of paragraph 19, or
it is guilty of an offence.
(2)
A firm guilty of an offence under sub-paragraph (1) is liable—
(a)
on summary conviction, to a fine not exceeding the statutory maximum; or
(b)
on conviction on indictment, to a fine.
(3)
In proceedings for an offence under sub-paragraph (1), it is a defence for the firm to show that it took all reasonable precautions and exercised all due diligence to avoid committing the offence.
Continuing regulation of UK firms
22
(1)
Regulations may make such provision as the Treasury consider appropriate in relation to a UK firm’s exercise of EEA rights, and may in particular provide for the application (with or without modification) of any provision of, or made under, this Act in relation to an activity of a UK firm.
(2)
Regulations may—
(a)
make provision as to any change (or proposed change) of a prescribed kind relating to a UK firm or to an activity that it carries on and as to the procedure to be followed in relation to such cases;
(b)
make provision with respect to the consequences of the firm’s failure to comply with a provision of the regulations.
(3)
Where a provision of the kind mentioned in sub-paragraph (2) requires F103the consent of the FCA or the PRA to a change (or proposed change)—
(a)
consent may be refused only on prescribed grounds; and
(b)
if F104the FCA or the PRA decides to refuse consent, the firm concerned may refer the matter to the Tribunal.
F10523
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
(1)
Sub-paragraph (2) applies if a UK firm—
(a)
is not required to have a F106Part 4A permission in relation to the business which it is carrying on; and
(b)
is exercising the right conferred by F107Article 34 of the capital requirements directive to carry on that business in an EEA State other than the United Kingdom.
(2)
If requested to do so by the host state regulator in the EEA State in which the UK firm’s business is being carried on, F108either regulator may impose any requirement in relation to the firm which it could impose if—
(a)
the firm had a F109Part 4A permission in relation to the business which it is carrying on; and
(b)
F110that regulator was entitled to exercise its power under that Part to vary that permission.
F111Arrangements between FCA and PRA
24A
(1)
The regulators may make arrangements about—
(a)
how they will consult each other when required to do so by paragraph 19(7C) or (7D) or 20(3AA) or (3AB) or by regulations under paragraph 22;
(b)
how each of them will act in response to any advice or representations received from the other.
(2)
The arrangements may require one regulator to obtain the consent of the other in specified circumstances before—
(a)
giving a consent notice under paragraph 19 or 20, or
(b)
exercising specified functions under regulations under paragraph 22.
(3)
The arrangements must be in writing, and must specify—
(a)
the EEA rights to which they relate, and
(b)
the date on which they come into force.
(4)
Where arrangements are in force under this paragraph, the regulators must exercise functions in accordance with the arrangements.
(5)
The regulators must publish any arrangements under this paragraph in such manner as they think fit.
F112Information to be included in the public record
25
The F113FCA must include in the record that it maintains under section 347 in relation to any UK firm whose EEA right derives from the F114insurance distribution directive F115or the mortgages directive information as to each EEA State in which the UK firm, in accordance with such a right—
(a)
has established a branch; or
(b)
is providing services.
F116UK management companies: delegation of functions
26
Where a UK firm which is a management company and is providing services in the exercise of an EEA right to an EEA UCITS informs the F117appropriate UK regulator that it has delegated one or more of its functions to a third party, the F117appropriate UK regulator must transmit that information to the home state regulator of the EEA UCITS without delay.
UK management companies: withdrawal of authorisation
27
Where a UK firm which is a management company has exercised an EEA right deriving from the UCITS directive to establish a branch or to provide services in another EEA State, the F118appropriate UK regulator must consult the home state regulator of any UCITS managed by that management company before taking a decision to withdraw the authorisation of the management company under section 33.
Management companies: request for information
28
(1)
Where a UK firm has applied to manage a UCITS which is established in another EEA State, the home state regulator of the UCITS may—
(a)
request further information from the F119appropriate UK regulator regarding the documents referred to in Article 20.1 of the UCITS directive, and
(b)
ask the F119appropriate UK regulator whether the type of UCITS for which the UK firm has applied to provide its services falls within the scope of the authorisation of the UK firm.
(2)
The F119appropriate UK regulator must respond to a request under sub-paragraph (1)(a) or (b) within 10 working days of the date on which the request was received.
F120Full-scope UKAIFMs: notification of breach by host state regulator
29.
If a host state regulator informs the FCA in accordance with paragraph 5 of Article 45 of the alternative investment fund managers directive that a full-scope UKAIFM has refused to provide the information or to take the steps referred to in that paragraph, the appropriate UK regulator must—
(a)
take steps to ensure that the AIFM provides the information or complies with the rules of which it is in breach;
(b)
request any necessary information from a supervisory authority in a country that is not an EEA State; and
(c)
notify the host state regulator of the steps taken under paragraph (a).