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

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 Authority 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; F1 ...

[F2 (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.]

[F3 (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) [F4 except where the firm is an electronic money institution,] [F5 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 [F6 (other than an electronic money institution)] 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

[F7 (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 [F8 (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.

Textual Amendments

F1 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)

F2 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)

F3 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)

F4 Words in reg. 2(3)(d) inserted (27.4.2002) by The Electronic Money (Miscellaneous Amendments) Regulations 2002 (S.I. 2002/765), regs. 1, 10(3)

F5 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)

F6 Words in reg. 2(4)(a)(ii) inserted (27.4.2002) by The Electronic Money (Miscellaneous Amendments) Regulations 2002 (S.I. 2002/765), regs. 1, 10(4)

F7 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)

F8 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)

Commencement Information

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

(1)

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 Repealed by the Companies Act 1948 (c. 38).