SCHEDULE 2Amendments to primary and secondary legislation

PART 1Amendments to FSMA

29.

(1)

Schedule 3 (EEA passport rights) is amended as follows.

(2)

In paragraph 1(a) (the single market directives) M1, for “the banking consolidation directive” substitute “ capital requirements directive ”.

(3)

Omit paragraph 2 (the banking consolidation directive) M2.

(4)

For paragraph 5(b) (EEA firm) M3 substitute—

“(b)

a credit institution (as defined in Article 4(1)(1) of the capital requirements regulation) which is authorised (within the meaning of Article 8 of the capital requirements directive) by its home state regulator;”.

(5)

For paragraph 5(c) substitute—

“(c)

a financial institution (as defined in Article 4(1)(26) of the capital requirements regulation) which is a subsidiary of the kind mentioned in Article 34 of the capital requirements directive and which fulfils the conditions of that Article;”.

(6)

In paragraph 19(6) (establishment) M4 for “banking consolidation directive” in both places substitute “ capital requirements directive ”.

(7)

In paragraph 19(12)—

(a)

at the end of paragraph (a) omit “and”;

(b)

after subparagraph (a) insert—

“(aa)

the appropriate UK regulator must in the case of a credit institution notify EBA and the Commission; and”.

(8)

In paragraph 20(3) (services) M5 for “banking consolidation directive” substitute “ capital requirements directive ”.

(9)

At the end of paragraph 20ZA (information for host state regulator) M6 insert—

“(3)

The appropriate UK regulator must inform the host state regulator whenever it withdraws the authorisation of a credit institution in respect of which a notice under paragraph 19(6) or paragraph 20(3) has been given.”.

(10)

In paragraph 24(1)(b) (continuing regulation of UK firms) M7 for “Article 24 of the banking consolidation directive” substitute” Article 34 of the capital requirements directive”.