Prospective
Exercise of rights to establish a branch by EEA firmsU.K.
3.—(1) Paragraph 13 of Schedule 3 to the Act (establishment conditions for EEA firms) is amended as follows.
(2) At the beginning of sub-paragraph (1), insert “If the firm falls within paragraph 5(a), (b), (c) or (d),”.
(3) After sub-paragraph (1), insert—
“(1A) If the firm falls within paragraph 5(e), the establishment conditions are that—
(a)the firm has given its home state regulator notice of its intention to establish a branch in the United Kingdom;
(b)the Authority has received notice (“a regulator’s notice”) from the firm’s home state regulator that the firm intends to establish a branch in the United Kingdom;
(c)the firm’s home state regulator has informed the firm that the regulator’s notice has been sent to the Authority; and
(d)one month has elapsed beginning with the date on which the firm’s home state regulator informed the firm that the regulator’s notice has been sent to the Authority.”.
(4) In sub-paragraph (4), in the definition of “permitted activity”, after “consent notice”, insert “or regulator’s notice, as the case may be”.
Commencement Information
I1Reg. 3 in force at 14.1.2005, see reg. 1(1)