SCHEDULESF9
C3SCHEDULE 3EEA Passport Rights
Part III Exercise of Passport Rights by UK FirmsF8
Sch. 3 para. 25 and preceding cross-heading inserted (14.1.2005) by The Insurance Mediation Directive (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/1473), reg. 7
Services
I120
C1C21
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—
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
The activities identified in a notice of intention may include activities which are not regulated activities.
3
If the firm’s EEA right derives from F1the banking consolidation directive, the investment services 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 F2with such other information as may be specified.
F33A
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—
C2a
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.
F43B
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.
4
When the Authority sends the copy under sub-paragraph (3) F5or gives a consent notice, it must give written notice to the firm concerned.
F64A
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, it must not provide the services to which its notice of intention relates until it has received written notice under sub-paragraph (4).
4C
Rules may specify the procedure to be followed by the Authority under this paragraph.
F75
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6
“Specified” means specified in rules.
Sch. 3 extended (with modifications) (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 25-27; S.I. 2001/3538, art. 2(1)
Sch. 3 extended (with modifications) (Gibraltar) (5.10.2001 for specified purposes, 1.12.2001 in so far as not already in force) by S.I. 2001/3084, arts. 1(1), 2-4 (as amended (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 3 (which amending S.I. is itself amended by S.I. 2014/1313, arts. 1, 2(a)); and as amended (31.12.2020) by S.I. 2019/589, regs. 1(3), 5-9 (with reg. 12) (as amended by S.I. 2020/1274, regs. 1, 2)); S.I. 2001/3538, art. 2(1)
Sch. 3 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(b), 128(3)(b) (with art. 23(2))