The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001

Contents of consent notice and regulator’s notice U.K.

Establishment of a branch: contents of consent notice U.K.

2.—(1) The following information is prescribed for the purposes of paragraph 13(1)(b)(iii) of Schedule 3 (and is therefore to be included in a consent notice given to the [F1 appropriate UK regulator within the meaning of that paragraph] by a firm’s home state regulator pursuant to paragraph 13(1)(a) of Schedule 3).

(2) In the case of an investment firm, the prescribed information is—

(a) a statement that the firm is an investment firm;

(b) the requisite details of the branch; F2 ...

[F3 (c) details of the accredited compensation scheme of which the firm is a member in accordance with Directive 97/9/EC of the European Parliament and of the Council of 3rd March 1997 on investor-compensation schemes; and

(d) a statement of whether the firm intends to use a tied agent established in the United Kingdom.]

[F4 (2A) In the case of a management company, the prescribed information is—

(a) a statement that the firm is a management company;

(b) the requisite details of the branch; and

(c) details of any compensation scheme which is intended to protect the branch’s investors.]

(3) In the case of a credit institution, the prescribed information is—

(a) a statement that the firm is a credit institution;

(b) the requisite details of the branch;

(c) the amount of the firm’s own funds (as defined in Section 1 of Chapter 2 of Title V to the banking consolidation directive); and

(d) F5 ... [F6 the sum of the capital requirements under Article 75 of the banking consolidation directive].

(4) In the case of a financial institution, the prescribed information is—

(a) a statement that—

(i) the firm is a financial institution;

(ii) the firm is a subsidiary undertaking of a credit institution F7 ... which is authorised in the EEA State in question and which holds at least 90 per cent of the voting rights in the firm (and for the purpose of this paragraph any two or more credit institutions which are authorised in that EEA State and hold voting rights in the firm are to be treated as a single credit institution, and as being “parent undertakings” of the firm);

(iii) the firm carries on in that EEA State the EEA activities in question;

(iv) the memorandum and articles of association, or other constituent instrument, of the firm permit it to carry on those activities;

(v) the consolidated supervision of the firm’s parent undertaking or, if more than one, any one of them effectively includes supervision of the firm;

(vi) the firm’s parent undertaking has guaranteed or, if more than one, they have jointly and severally guaranteed, the firm’s obligations, with the consent of the home state regulator;

(vii) the firm’s business is being conducted in a prudent manner;

(b) the requisite details of the branch;

(c) the amount of the firm’s own funds (as defined in Section 1 of Chapter 2 of Title V to the banking consolidation directive); and

[F8 (d) the sum of the capital requirements under Article 75 of the banking consolidation directive of the firm's parent undertaking.]

(5) In the case of an insurance firm, the prescribed information is—

(a) a scheme of operations prepared in accordance with such requirements as may be imposed by the firm’s home state regulator, setting out (amongst other things) the types of business to be carried on and the structural organisation of the branch;

(b) the name of the firm’s authorised agent;

(c) the address in the United Kingdom from which information about the business may be obtained, and a statement that this is the address for service on the firm’s authorised agent;

(d) in the case of a firm which intends to cover relevant motor vehicle risks, a declaration by the firm that it has become a member of the Motor Insurers' Bureau (being a company limited by guarantee and incorporated under the Companies Act 1929(1) on the 14th June 1946); and

(e) a statement by the firm’s home state regulator attesting that the firm has the minimum margin of solvency calculated in accordance with such of the following as are appropriate—

(i) Articles 16 and 17 of the first non-life insurance directive [F9 (as last amended by Directive 2002/87/EC of the European Parliament and of the Council)], and

(ii) Articles 18, 19 and 20 of the first life insurance directive.

[F10 (6) In the case of an EEA AIFM, the prescribed information is—

(a) a statement that the firm is an EEA AIFM;

[F11 (aa) particulars of the programme of operations to be carried on through the branch, including a description of the particular EEA activities to be carried on;]

(b) the identity of the AIFs that the EEA AIFM intends to manage;

(c) the organisational structure of the branch;

(d) the address in the home state of each AIF that the EEA AIFM intends to manage from which documents relating to that AIF may be obtained;

(e) the names and contact details of the persons responsible for the management of the branch.

(7) In paragraph (6) “home state” in relation to an AIF means—

(a) the EEA State in which the AIF is authorised or registered, or in the case of multiple authorisations or registrations, the EEA State in which the AIF was first authorised or registered; or

(b) if the AIF is not authorised or registered in an EEA State, the EEA State in which it has its registered office or head office.]

Textual Amendments

F1 Words in reg. 2(1) substituted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(b)

F2 Word in reg. 2(2)(b) omitted (1.4.2007) by virtue of The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2)(a), 4(a) (with reg. 15)

F3 Reg. 2(2)(c)(d) substituted for reg. 2(2)(c) (1.4.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2)(a), 4(b) (with reg. 15)

F4 Reg. 2(2A) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 3(2)(a)

F5 Words in reg. 2(3)(d) omitted (9.2.2011 for specified purposes, 30.4.2011 in so far as not already in force) by virtue of The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 1(2), Sch. 4 para. 11(b) (with reg. 3)

F6 Words in reg. 2(3)(d) substituted (1.1.2007) by The Capital Requirements Regulations 2006 (S.I. 2006/3221), reg. 1(1), Sch. 6 para. 9(2)

F7 Words in reg. 2(4)(a)(ii) omitted (9.2.2011 for specified purposes, 30.4.2011 in so far as not already in force) by virtue of The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 1(2), Sch. 4 para. 11(c) (with reg. 3)

F8 Reg. 2(4)(d) substituted (1.1.2007) by The Capital Requirements Regulations 2006 (S.I. 2006/3221), reg. 1(1), Sch. 6 para. 9(3)

F9 Words in reg. 2(5)(e)(i) inserted (10.8.2004) by The Financial Conglomerates and Other Financial Groups Regulations 2004 (S.I. 2004/1862), regs. 1(1), 14(4)

F10 Reg. 2(6)(7) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 14(2)

F11 Reg. 2(6)(aa) inserted (22.7.2013) by The Alternative Investment Fund Managers (Amendment) Regulations 2013 (S.I. 2013/1797), regs. 1(5), 5(a)

Commencement Information

I1 Reg. 2 in force at 1.12.2001, see reg. 1(1)

[F12 Prescribed cases: establishment U.K.

2A.— (1) The case in paragraph (2) is prescribed for the purposes of paragraph 13(1C) of Schedule 3 to the Act (establishment).

(2) The case is the receipt by the FCA of a consent notice in respect of an investment firm to which the obligation in Article 9 of Directive 2006/49/EC of the European Parliament and of the Council on the capital adequacy of investment firms and credit institutions (investment firms which are required to have initial capital of EUR 730,000) applies, where the investment firm intends to provide services or activities in the United Kingdom which consist of or include dealing on its own account.]

Textual Amendments

F12 Reg. 2A inserted (1.4.2013) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2013 (S.I. 2013/439), regs. 1, 2(2)

Provision of services: contents of regulator’s notice U.K.

3.—(1) The following information is prescribed for the purposes of paragraph 14(1)(b) of Schedule 3 (and is therefore to be included in a regulator’s notice given to the [F13 appropriate UK regulator within the meaning of that paragraph] by a firm’s home state regulator pursuant to that paragraph).

(2) [F14 Subject to paragraph (2ZA), in] the case of an investment firm, the prescribed information is—

(a) a statement that the firm is an investment firm; F15 ...

(b) particulars of the programme of operations to be carried on in the United Kingdom, including a description of the particular EEA activities to be carried on [F16 ; and

(c) a statement of whether the firm intends to use a tied agent to provide services in the United Kingdom]

[F17 (2ZA) In the case of an investment firm exercising the right under Article 31.5 of the markets in financial instruments directive, the prescribed information is—

(a) a statement that the firm is an investment firm; and

(b) a statement that the firm intends to exercise that right in the United Kingdom.]

[F18 (2A) In the case of a management company, the prescribed information is—

(a) a statement that the firm is a management company;

(b) particulars of the programme of operations to be carried on in the United Kingdom including a description of the particular EEA activities to be carried on; and

(c) details of any compensation scheme which is intended to protect investors.]

(3) In the case of an insurance firm, the prescribed information is—

(a) a statement of the classes of business which the firm is authorised to carry on in accordance with Article 6 of the first non-life insurance directive or Article 6 of the first life insurance directive;

(b) the name and address of the firm;

(c) the nature of the risks or commitments which the firm proposes to cover in the United Kingdom;

(d) in the case of a firm which intends to cover relevant motor vehicle risks—

(i) the name and address of the claims representative; and

(ii) a declaration by the firm that it has become a member of the Motor Insurers' Bureau; and

(e) a statement by the firm’s home state regulator attesting that the firm has the minimum margin of solvency calculated in accordance with such of the following as are appropriate—

(i) Articles 16 and 17 of the first non-life insurance directive [F19 (as last amended by Directive 2002/87/EC of the European Parliament and of the Council)], and

(ii) Articles 18, 19 and 20 of the first life insurance directive.

[F20 (4) In the case of an insurance intermediary, the prescribed information is that the firm intends to carry on insurance mediation or reinsurance mediation (in each case, within the meaning of the insurance mediation directive) by providing services in the United Kingdom.]

[F21 (5) In the case of an EEA AIFM, the prescribed information is—

(a) a statement that the firm is an EEA AIFM;

(b) if the EEA AIFM wishes to manage an AIF in the United Kingdom—

(i) particulars of the programme of operations to be carried on in the United Kingdom, including a description of the particular EEA activities to be carried on; and

(ii) the identity of the AIFs that the EEA AIFM intends to manage; and

(c) if the EEA AIFM wishes to market an AIF in the United Kingdom—

(i) the documents and information set out in Annex IV to the alternative investment fund managers directive; and

(ii) a statement to the effect that the AIFM concerned is authorised to manage AIFs with a particular management strategy.]

Textual Amendments

F13 Words in reg. 3(1) substituted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(b)

F14 Words in reg. 3(2) substituted (1.4.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2)(a), 5(a)(i) (with reg. 15)

F15 Word in reg. 3(2)(a) omitted (1.4.2007) by virtue of The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2)(a), 5(a)(ii) (with reg. 15)

F16 Reg. 3(2)(c) and word inserted (1.4.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2)(a), 5(a)(iii) (with reg. 15)

F17 Reg. 3(2ZA) inserted (1.4.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2)(a), 5(b) (with reg. 15)

F18 Reg. 3(2A) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 3(2)(b)

F19 Words in reg. 3(3)(e)(i) inserted (10.8.2004) by The Financial Conglomerates and Other Financial Groups Regulations 2004 (S.I. 2004/1862), regs. 1(1), 14(4)

F20 Reg. 3(4) inserted (14.1.2005) by The Insurance Mediation Directive (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/1473), regs. 1(1), 8(3)

F21 Reg. 3(5) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 14(3)

Commencement Information

I2 Reg. 3 in force at 1.12.2001, see reg. 1(1)

[F22 Notice of qualification for authorisation U.K.

3A.   The appropriate UK regulator must notify the other regulator when an EEA firm qualifies for authorisation where—

(a) the PRA is the appropriate UK regulator;

(b) the FCA is the appropriate UK regulator and the EEA firm intends to carry on a PRA-regulated activity in the United Kingdom.]

Textual Amendments

F22 Reg. 3A inserted (1.4.2013) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2013 (S.I. 2013/439), regs. 1, 2(3)

(1)

1929 c. 23. Repealed by the Companies Act 1948 (c. 38).