SCHEDULES

SCHEDULE 4EEA passport rights and treaty rights

PART 4Amendments of Part 13 of FSMA 2000: Powers of intervention

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1

Section 195A (contravention by relevant EEA firm or EEAUCITS of directive requirement: home state regulator primarily responsible for securing compliance) is amended as follows.

2

For “the Authority” or “the Authority's”, in each place, substitute “ the appropriate regulator ” or “the appropriate regulator's”.

3

After subsection (11A) insert—

11B

Subsection (4) is not to be regarded as requiring the PRA to notify the home state regulator in relation to the contravention of a requirement falling within subsection (2) or (3) in a case where the PRA is satisfied that the FCA is required to act, and is acting or has acted, under subsection (4) in relation to that requirement.

4

In subsection (12), before the definition of “home state” insert—

“the appropriate regulator” means—

a

where the relevant EEA firm is a PRA-authorised person, the FCA or, subject to subsection (11B), the PRA;

b

in any other case, the FCA;