Financial Services Act 2012 (c. 21)

SCHEDULES

SCHEDULE 4 U.K. EEA passport rights and treaty rights

PART 2 U.K. Amendments of Schedule 4 to FSMA 2000: Treaty rights

22 U.K. Schedule 4 to FSMA 2000 (Treaty rights) is amended as follows.

Commencement Information

I1 Sch. 4 para. 22 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I2 Sch. 4 para. 22 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

23 (1) Paragraph 3 (exercise of Treaty rights) is amended as follows. U.K.

(2) In sub-paragraph (2), for “Authority” substitute “ appropriate UK regulator ”.

(3) After that sub-paragraph insert—

“(2A) In sub-paragraph (2) “the appropriate UK regulator” means—

(a) where any of the activities to which the notification under that sub-paragraph relates is a PRA-regulated activity, the PRA;

(b) in any other case, the FCA.

(2B) Where the PRA receives a notification under sub-paragraph (2), it must give a copy to the FCA without delay.

(2C) Where the FCA receives a notification under sub-paragraph (2), it must in prescribed cases give a copy to the PRA without delay.”

Commencement Information

I3 Sch. 4 para. 23 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I4 Sch. 4 para. 23 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

24 U.K. After paragraph 3 insert—

“Notification between UK regulators U.K.

3A Regulations may require the PRA and the FCA to notify each other about Treaty firms qualifying for authorisation.”

Commencement Information

I5 Sch. 4 para. 24 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I6 Sch. 4 para. 24 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

25 (1) Paragraph 4 (permission) is amended as follows. U.K.

(2) In sub-paragraph (3)—

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

(b) for “Authority” substitute “ appropriate UK regulator ”.

(3) In sub-paragraph (4), for “Authority” substitute “ appropriate UK regulator ”.

(4) After that sub-paragraph insert—

“(5) The appropriate UK regulator” means—

(a) where the Treaty firm is a PRA-authorised person, the FCA or the PRA;

(b) in any other case, the FCA.”

Commencement Information

I7 Sch. 4 para. 25 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I8 Sch. 4 para. 25 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

26 (1) Paragraph 5 (notice to Authority) is amended as follows. U.K.

(2) In sub-paragraph (2), for “the Authority” substitute “ the appropriate UK regulator ”.

(3) After sub-paragraph (2) insert—

“(2A) The appropriate UK regulator” means—

(a) where any of the activities to which the notice relates is a PRA-regulated activity, the PRA;

(b) in any other case, the FCA.

(2B) Where the PRA receives a notice under sub-paragraph (2), it must give a copy to the FCA without delay.

(2C) Where the FCA receives a notice under sub-paragraph (2) from—

(a) a PRA-authorised person, or

(b) a person whose immediate group includes a PRA-authorised person,

it must give a copy to the PRA without delay.”

(4) For sub-paragraph (4) substitute—

“(4) Subsections (1), (4) and (8) of section 55U apply to a notice under sub-paragraph (2) as they apply to an application for a Part 4A permission.”

(5) In the italic heading immediately before paragraph 5, for “Authority” substitute “ UK regulator ”.

Commencement Information

I9 Sch. 4 para. 26 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I10 Sch. 4 para. 26 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

I11 Sch. 4 para. 26(4) in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3