Search Legislation

The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2013

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
 Help about opening options

Opening Options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Statutory Instruments

2013 No. 439

Financial Services And Markets

The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2013

Made

27th February 2013

Laid before Parliament

1st March 2013

Coming into force

1st April 2013

The Treasury make the following Regulations in exercise of the powers conferred by paragraphs 13(1C) and 17(za) of Schedule 3, and paragraph 3A of Schedule 4, to the Financial Services and Markets Act 2000(1).

Citation and commencement

1.  These Regulations may be cited as the Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2013 and come into force on 1st April 2013.

Amendments to the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations

2.—(1) The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001(2) are amended as follows.

(2) After regulation 2 (establishment of a branch: contents of consent notice), insert—

Prescribed cases: establishment

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(3) (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..

(3) After regulation 3 (provision of services: contents of regulator’s notice), insert—

Notice of qualification for authorisation

3A.  The appropriate UK regulator(4) 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..

(4) After regulation 19, insert—

PART 3ATREATY FIRMS

Notice of qualification for authorisation

19A.  The appropriate UK regulator(5) must notify the other regulator when a Treaty 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..

Desmond Swayne

David Evennett

Two of the Lords Commissioners of Her Majesty’s Treasury

27th February 2013

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001.

Regulation 2 prescribes the cases in which the Financial Conduct Authority must give the Prudential Regulation Authority copies of notices relating to the exercise of rights by EEA firms under single market directives to establish a branch in the United Kingdom, and requires the Financial Conduct Authority and the Prudential Regulation Authority to notify each other when an EEA firm or a non-UK firm exercising other Treaty rights qualifies for authorisation under the Financial Services and Markets Act 2000.

A full impact assessment of the effect that these Regulations will have on the costs of business and the voluntary sector is available from, Her Majesty’s Treasury, 1 Horse Guards Road, London SW1A 2HQ or on http://www.hm-treasury.gov.uk/ and is published alongside the Regulations on http://www.legislation.gov.uk/ .

(1)

2000 c.8 (“FSMA 2000”). Paragraph 13(1C) of Schedule 3 was inserted by the Financial Services Act 2012 (c.21) (“the 2012 Act”), Schedule 4, Part 1, paragraph 2; paragraph 17(za) of Schedule 3 was inserted by the 2012 Act, Schedule 4, Part 1, paragraph 7; and paragraph 3A of Schedule 4 was inserted by the 2012 Act, Schedule 4, Part 2, paragraph 24. Paragraphs 13(1C) refers to “prescribed cases”; section 417 of FSMA 2000 defines “prescribed” as meaning prescribed in regulations made by the Treasury; section 428 of FSMA 2000 provides that a power to make regulations under that Act is exercisable by statutory instrument.

(2)

S.I. 2001/2511. There are amending instruments but none is relevant.

(3)

OJ L 177, 30.6.2006, p.201.

(4)

Paragraph 13(4) of Schedule 3, as amended by the 2012 Act, Schedule 4, Part 1, paragraph 2, defines “the appropriate UK regulator” as whichever of the FCA and the PRA is the competent authority for the purposes of the relevant single market directive.

(5)

Paragraph 3(2A) of Schedule 4, as amended by the 2012 Act, Schedule 4, Part 2, paragraph 23, defines “the appropriate UK regulator” as the PRA, where any of the activities to which a notification under paragraph 3(2) relates is a PRA-regulated activity, and the FCA in any other case.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources