 | |
| |
PART II |
| |
EXERCISE OF PASSPORT RIGHTS BY EEA FIRMS |
| |
Firms qualifying for authorisation |
| | 12. An EEA firm-
|
| |
(a) seeking to establish a branch in the United Kingdom in exercise of an EEA right and satisfying the establishment conditions, or |
| |
(b) seeking to provide services in the United Kingdom in exercise of an EEA right and satisfying the service conditions, |
| |
qualifies for authorisation.
|
| |
Establishment |
| | 13. - (1) The establishment conditions are that-
|
| |
(a) the Authority has received notice ("a consent notice") from the firm's home state regulator that it has given the firm consent to establish a branch in the United Kingdom; |
| |
|
| |
(i) is given in accordance with the relevant single market directive;
|
| |
(ii) identifies the activities to which consent relates; and
|
| |
(iii) includes such other information as may be prescribed; and
|
| |
(c) the firm has been informed of the applicable provisions or two months have elapsed beginning with the date when the Authority received the consent notice. |
| |
(2) If the Authority has received a consent notice, it must-
|
| |
(a) prepare for the firm's supervision; |
| |
(b) notify the firm of the applicable provisions (if any); and |
| |
(c) if the firm falls within paragraph 5(d), notify its home state regulator of the applicable provisions (if any). |
| |
(3) A notice under sub-paragraph (2)(b) or (c) must be given before the end of the period of two months beginning with the day on which the Authority received the consent notice.
|
| |
(4) For the purposes of this paragraph-
|
| |
"applicable provisions" means the host state rules with which the firm is required to comply when carrying on a permitted activity through a branch in the United Kingdom; |
| |
"host state rules" means rules- |
| |
(a) made in accordance with the relevant single market directive; and
|
| |
(b) which are the responsibility of the United Kingdom (both as to implementation and as to supervision of compliance) in accordance with that directive; and
|
| |
"permitted activity" means an activity identified in the consent notice. |
| |
Services |
| | 14. - (1) The service conditions are that-
|
| |
(a) the firm has given its home state regulator notice of its intention to provide services in the United Kingdom ("a notice of intention"); |
| |
(b) if the firm falls within paragraph 5(a) or (d), the Authority has received notice ("a regulator's notice") from the firm's home state regulator containing such information as may be prescribed; and |
| |
(c) if the firm falls within paragraph 5(d), its home state regulator has informed it that the regulator's notice has been sent to the Authority. |
| |
(2) If the Authority has received a regulator's notice or, where none is required by sub-paragraph (1), has been informed of the firm's intention to provide services in the United Kingdom, it must-
|
| |
(a) prepare for the firm's supervision; and |
| |
(b) notify the firm of the applicable provisions (if any). |
| |
(3) A notice under sub-paragraph (2)(b) must be given before the end of the period of two months beginning on the day on which the Authority received the regulator's notice, or was informed of the firm's intention.
|
| |
(4) For the purposes of this paragraph-
|
| |
"applicable provisions" means the host state rules with which the firm is required to comply when carrying on a permitted activity by providing services in the United Kingdom; |
| |
"host state rules" means rules- |
| |
(a) made in accordance with the relevant single market directive; and
|
| |
(b) which are the responsibility of the United Kingdom (both as to implementation and as to supervision of compliance) in accordance with that directive; and
|
| |
"permitted activity" means an activity identified in- |
| |
(a) the regulator's notice; or
|
| |
(b) where none is required by sub-paragraph (1), the notice of intention.
|
| |
Grant of permission |
| | 15. - (1) On qualifying for authorisation as a result of paragraph 13 or 14, a firm-
|
| |
(a) has, in respect of each permitted activity which is a regulated activity, permission to carry it on through its United Kingdom branch or by providing services in the United Kingdom; and |
| |
(b) must be issued by the Authority with a certificate of authorisation. |
| |
(2) The permission is to be treated as being on terms equivalent to those appearing from the consent notice, regulator's notice or notice of intention.
|
| |
Continuing regulation of EEA firms |
| | 16. Regulations may-
|
| |
(a) modify any provision of this Act which is an applicable provision (within the meaning of paragraph 13 or 14) in its application to an EEA firm qualifying for authorisation; |
| |
(b) prescribe the procedure to be followed in relation to a change (or proposed change) of a prescribed kind relating to an EEA firm or to an activity that it carries on in the United Kingdom; |
| |
(c) provide that the Authority may treat an EEA firm's notification that it is to cease to carry on regulated activity in the United Kingdom as a request for cancellation of its qualification for authorisation under this Schedule. |
| |
Giving up right to authorisation |
| | 17. Regulations may provide that in prescribed circumstances an EEA firm falling within paragraph 5(c) may, on following the prescribed procedure-
|
| |
(a) have its qualification for authorisation under this Schedule cancelled; and |
| |
(b) seek to become an authorised person by applying for a Part IV permission. |
