Financial Services and Markets Act 2000

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Sch. 3 para. 20(4E) inserted by S.I. 2012/1906 art. 4(11)(b)
Sch. 3 para. 20(1) words substituted by S.I. 2012/1906 art. 4(11)(a)

Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:

Changes and effects

This section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.

Act excluded by 2012 c. 7 s. 134(5)

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

Pt. 9 applied (with modifications) by S.I. 2012/3122 Sch. para. 7
s. 54A 54B and cross-heading inserted by S.I. 2012/916 reg. 2(2)
s. 131L inserted by S.I. 2012/2554 reg. 2(8)
s. 131FA-131FC inserted by S.I. 2012/2554 reg. 2(5)
s. 427A(3) words substituted by 2002 c. 40 Sch. 17 para. 59 (Amendment not carried through. The Financial Services and Markets Act 2000 does not contain a section 427A.)

This section has no associated Explanatory Notes

20(1)[F1Subject to sub-paragraph (4D), ] a UK firm may not exercise an EEA right to provide services unless the firm has given the Authority, in the specified way, notice of its intention to provide services (“a notice of intention”) which—E+W+S+N.I.

(a)identifies the activities which it seeks to carry out by way of provision of services; and

(b)includes such other information as may be specified.

(2)[F2Subject to sub-paragraph (2A), the] activities identified in a notice of intention may include activities which are not regulated activities.

[F3(2A)If the firm is a UK investment firm, a notice of intention may not include ancillary services unless such services are to be provided in connection with the carrying on of one or more investment services and activities.

(2B)In sub-paragraph (2A) “ancillary services” has the meaning given in Article 4.1.3 of the markets in financial instruments directive.]

(3)If the firm’s EEA right derives from [F4the banking consolidation directive, [F5markets in financial instruments directive] or the UCITS directive], the Authority must, within one month of receiving a notice of intention, send a copy of it to the host state regulator [F6with such other information as may be specified].

[F7(3ZA)If the firm's EEA right derives from the UCITS directive, the Authority must provide information about the compensation scheme with the information provided to the host state regulator under sub-paragraph (3).]

[F8(3A)If the firm’s EEA right derives from any of the insurance directives, the Authority must, within one month of receiving the notice of intention—

(a)give notice in specified terms (“a consent notice”) to the host state regulator; or

(b)give written notice to the firm of—

(i)its refusal to give a consent notice; and

(ii)its reasons for that refusal.]

[F9(3B)If the firm’s EEA right derives from the insurance mediation directive and the EEA State in which the firm intends to provide services has notified the Commission, in accordance with Article 6(2) of that directive, of its wish to be informed of the intention of any UK firm to provide services in its territory—

(a)the Authority must, within one month of receiving the notice of intention, send a copy of it to the host state regulator;

(b)the Authority, when it sends the copy in accordance with sub-paragraph (a), must give written notice to the firm concerned that it has done so; and

(c)the firm concerned must not provide the services to which its notice of intention relates until one month, beginning with the date on which it receives the notice under sub-paragraph (b), has elapsed.]

[F10(3C)If the firm is a management company which wishes to pursue the activity of collective portfolio management referred to in Annex II to the UCITS directive, the Authority must send with the documentation provided to the host state regulator under sub-paragraph (3)—

(a)confirmation that the firm has been authorised as a management company pursuant to the provisions of the UCITS directive;

(b)a description of the scope of the management company's authorisation; and

(c)details of any restriction on the types of UCITS that the management company is authorised to manage.]

(4)When the Authority sends the copy under sub-paragraph (3) [F11or gives a consent notice], it must give written notice to the firm concerned.

[F12(4A)If the firm is given notice under sub-paragraph (3A)(b), it may refer the matter to the Tribunal.

(4B)If the firm’s EEA right derives from any of the insurance directives [F13or from the markets in financial instruments directive][F14or the UCITS directive], it must not provide the services to which its notice of intention relates until it has received written notice under sub-paragraph (4).

[F15(4BA)If the firm's EEA right derives from the markets in financial instruments directive, the Authority must comply as soon as reasonably practicable with a request for information under the second sub-paragraph of Article 31.6 of that directive from the host state regulator.]

(4C)Rules may specify the procedure to be followed by the Authority under this paragraph.]

[F16(4D)This paragraph does not apply to a UK firm having an EEA right which is subject to the conditions of the reinsurance directive.]

F17(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)“Specified” means specified in rules.

Annotations:

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Amendments (Textual)

F1Words in Sch. 3 para. 20(1) inserted (10.12.2007) by The Reinsurance Directive Regulations 2007 (S.I. 2007/3253), reg. 2(1), Sch. 1 para. 6(h)

F2Words in Sch. 3 para. 20(2) substituted (1.4.2007 for certain purposes, otherwise 1.11.2007) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(4), Sch. 4 para. 11(a)

F3Sch. 3 para. 20(2A)(2B) inserted (1.4.2007 for certain purposes, otherwise 1.11.2007) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(4), Sch. 4 para. 11(b)

F4Words in Sch. 3 para. 20(3) substituted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg 4(1)(b)(i)

F5Words in Sch. 3 para. 20(3) substituted (1.4.2007 for certain purposes, otherwise 1.11.2007) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(4), Sch. 4 para. 11(c)

F6Words in Sch. 3 para. 20(3) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg 4(1)(b)(ii)

F7Sch. 3 para. 20(3ZA) inserted after Sch. 3 para. 20(3) (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(33)(i)

F8Sch. 3 Pt. III para. 20(3A) inserted (30.4.2001) by S.I. 2001/1376, regs. 1, 2(2)

F9Sch. 3 para. 20(3B) inserted (14.1.2005) by The Insurance Mediation Directive (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/1473), reg. 6(1)

F10Sch. 3 para. 20(3C) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(33)(j)

F11Words in Sch. 3 Pt. III para. 20(4) inserted (30.4.2001) by S.I. 2001/1376, regs. 1, 2(3)