(1)An EEA firm ceases to qualify for authorisation under Part II of Schedule 3 if it ceases to be an EEA firm as a result of—
(a)having its EEA authorisation withdrawn; or
(b)ceasing to have an EEA right in circumstances in which EEA authorisation is not required.
(2)At the request of an EEA firm, [F1the appropriate regulator] may give a direction cancelling its authorisation under Part II of Schedule 3.
[F2(2A)In subsection (2) “the appropriate regulator” means—
(a)in the case of a PRA-authorised person, the PRA, and
(b)in any other case, the FCA.]
(3)If an EEA firm has a [F3Part 4A permission], it does not cease to be an authorised person merely because it ceases to qualify for authorisation under Part II of Schedule 3.
Textual Amendments
F1Words in s. 34(2) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 27(2) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F2S. 34(2A) inserted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 27(3) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F3Words in s. 34(3) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 27(4) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
Modifications etc. (not altering text)
C1S. 34(2) modified (1.12.2001) by S.I. 2001/2511, regs. 1(1), 8; S.I. 2001/3538, art. 2(1)