Financial Services Act 2012

Exercise of passport rights by UK firms U.K.

9 U.K. In Part 3 (exercise of passport rights by UK firms), before the italic heading before paragraph 19 insert—

“Meaning of “the appropriate UK regulator” U.K.

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.”

Commencement Information

I1 Sch. 4 para. 9 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I2 Sch. 4 para. 9 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

10 (1) Paragraph 19 (establishment) is amended as follows. U.K.

(2) For “Authority”, in each place, substitute “ appropriate UK regulator ”.

(3) After sub-paragraph (7B) insert—

“(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.”

Commencement Information

I3 Sch. 4 para. 10 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I4 Sch. 4 para. 10 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

11 (1) Paragraph 20 (services) is amended as follows. U.K.

(2) For “Authority”, in each place, substitute “ appropriate UK regulator ”.

(3) After sub-paragraph (3A) insert—

“(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.”

Commencement Information

I5 Sch. 4 para. 11 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I6 Sch. 4 para. 11 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

12 U.K. In paragraph 20ZA (information for host state regulator), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

Commencement Information

I7 Sch. 4 para. 12 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I8 Sch. 4 para. 12 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

13 U.K. In paragraph 20B (notice of intention to market), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

Commencement Information

I9 Sch. 4 para. 13 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I10 Sch. 4 para. 13 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

14 U.K. In paragraph 22 (continuing regulation of UK firms), in sub-paragraph (3)—

(a) for “the Authority's consent” substitute “ the consent of the FCA or the PRA ”, and

(b) in paragraph (b), for “the Authority” substitute “ the FCA or the PRA ”.

Commencement Information

I11 Sch. 4 para. 14 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I12 Sch. 4 para. 14 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

15 (1) Paragraph 23 (power to impose requirements) is amended as follows. U.K.

(2) For “the Authority”, in each place, substitute “ the FCA ”.

(3) In sub-paragraph (1)(a), for “Part IV permission” substitute “ Part 4A permission ”.

(4) In sub-paragraphs (2) and (2A), for “section 45” substitute “ section 55L or 55M ”.

(5) After sub-paragraph (2A) insert—

“(2B) This paragraph does not affect any duty of the FCA to consult the PRA before exercising its power under section 55L or 55M.”

Commencement Information

I13 Sch. 4 para. 15 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I14 Sch. 4 para. 15 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

16 (1) Paragraph 24 (which relates to UK firms exercising rights under the banking consolidation directive) is amended as follows. U.K.

(2) In sub-paragraph (1)(a), for “Part IV permission” substitute “ Part 4A permission ”.

(3) In sub-paragraph (2)—

(a) for “the Authority”, in the first place, substitute “ either regulator ”,

(b) in paragraph (a), for “Part IV permission” substitute “ Part 4A permission ”, and

(c) in paragraph (b), for “the Authority” substitute “ that regulator ”.

Commencement Information

I15 Sch. 4 para. 16 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I16 Sch. 4 para. 16 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

17 U.K. After paragraph 24 insert—

“Arrangements between FCA and PRA U.K.

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.”

Commencement Information

I17 Sch. 4 para. 17 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I18 Sch. 4 para. 17 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I19 Sch. 4 para. 17 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

18 U.K. In paragraph 25 (information to be included in the public record) for “Authority” substitute “ FCA ”.

Commencement Information

I20 Sch. 4 para. 18 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I21 Sch. 4 para. 18 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

19 U.K. In paragraph 26 (UK management companies: delegation of functions), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

Commencement Information

I22 Sch. 4 para. 19 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I23 Sch. 4 para. 19 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

20 U.K. In paragraph 27 (UK management companies: withdrawal of authorisation), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

Commencement Information

I24 Sch. 4 para. 20 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I25 Sch. 4 para. 20 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

21 U.K. In paragraph 28 (management companies: request for information), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

Commencement Information

I26 Sch. 4 para. 21 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I27 Sch. 4 para. 21 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.