PART IIIExercise of Passport Rights by UK Firms

Changes relating to UK firms

UK investment firms: changes to services12

1

A UK firm which is providing services in exercise of an EEA right, deriving from the investment services directive, must not make a change in the programme of operations, or the EEA activities, to be carried on in exercise of that right, unless the relevant requirements have been complied with.

2

For the purposes of this regulation, the “relevant requirements” are that—

a

the firm has given a notice to the Authority and to the host state regulator stating the details of the proposed change; or

b

if the change is occasioned by circumstances beyond the firm’s control, it has as soon as practicable (whether before or after the change) given a notice to the Authority and to the host state regulator, stating the details of the change.