SCHEDULE 3EEA Passport Rights
Part III Exercise of Passport Rights by UK Firms
F1Tied agents
20A
(1)
If a UK investment firm F2or 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 F2or 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.
F3(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.
F4Notice of intention to market F5a 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 F6appropriate 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 F6appropriate UK regulator must ensure that the information referred to in sub-paragraph (1) may be transmitted to it electronically.
(3)
The F6appropriate 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 F6appropriate 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 F6appropriate 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 F6appropriate 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.