SCHEDULES

C1SCHEDULE 3EEA Passport Rights

Annotations:
Modifications etc. (not altering text)
C1

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))

Part I Defined terms

The single market directives

I11

“The single market directives” means—

F1a

the F42capital requirements directive;

F57c

the Solvency 2 Directive;

F58ca

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d

the F2markets in financial instruments directiveF3; F4. . .

e

the insurance mediation directiveF5; F35...

f

the UCITS directiveF36; F49...

g

the alternative investment fund managers directiveF50; and

h

the mortgages directive.

The banking co-ordination directives

F43 2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F56The Solvency 2 Directive

Annotations:
Amendments (Textual)

3

“The Solvency 2 Directive” means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).

F20The reinsurance directive

Annotations:
Amendments (Textual)
F20

Sch. 3 para. 3A and cross-heading inserted (10.12.2007) by The Reinsurance Directive Regulations 2007 (S.I. 2007/3253), reg. 2(1), Sch. 1 para. 6(b)

F593A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The investment services directive

4

F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F21The insurance mediation directive

Annotations:
Amendments (Textual)

4A

“The insurance mediation directive” means the European Parliament and Council Directive of 9th December 2002 on insurance mediation ( No.2002/92/EC).

F22The UCITS directive

Annotations:
Amendments (Textual)

F74B

“The UCITS directive ” means the Directive of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (No 2009/65/EC).

F23The markets in financial instruments directive

Annotations:
Amendments (Textual)

4C

”The markets in financial instruments directive” means Directive 2004/39/ EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments.

4DF26The emission allowance auctioning regulation

“The emission allowance auctioning regulation” means Commission Regulation ( EU ) No 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/ EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community.

F33The alternative investment fund managers directive

Annotations:
Amendments (Textual)

4E

“The alternative investment fund managers directive” means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers.

F51The mortgages directive

Annotations:
Amendments (Textual)
F51

Sch. 3 para. 4F and cross-heading inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 1(10)(b) (with Pt. 4)

4F

“The mortgages directive” means Directive 2014/17/EU of the European Parliament and of the Council of 4th February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010.

EEA firm

I25

“EEA firm” means any of the following if it does not have its F8relevant office in the United Kingdom—

a

an investment firm (as defined in F9Article 4.1.1 of the markets in financial instruments directive) which is authorised (within the meaning of F10Article 5) by its home state regulator;

F45b

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;

F44c

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;

F60d

an undertaking pursuing the activity of direct insurance (within the meaning of Article 2 of the Solvency 2 Directive) which has received authorisation under Article 14 of that directive from its home state regulator;

da

an undertaking pursuing the activity of reinsurance (within the meaning of Article 2 of the Solvency 2 Directive) as a reinsurance undertaking which has received authorisation under Article 14 of that directive from its home state regulator;

e

an insurance intermediary (as defined in Article 2.5 of the insurance mediation directive), or a reinsurance intermediary (as defined in Article 2.6) which is registered with its home state regulator under Article 3; F27 ...

F11f

a management company (as defined in paragraph 11B) which is authorised (within the meaning of Article 6 of the UCITS directive) by its home state regulatorF28; F37...

g

a person who has received authorisation under Article 18.2 of the emission allowance auctioning regulationF38; F52...

h

an AIFM (as defined in Article 4.1(b) of the alternative investment fund managers directive) which is authorised (in accordance with F46Article 6.1 of that directive) by its home state regulatorF53; or

i

a mortgage intermediary which is admitted (in accordance with Article 29(1) of the mortgages directive) by its home state regulator to carry out all or part of the credit intermediation activities set out in Article 4(5) of that directive or to provide advisory services (as defined in Article 4(21) of that directive).

F125A

In paragraph 5, “relevant office” means—

a

in relation to a firm falling within sub-paragraph (e) F54or (i) of that paragraph which has a registered office, its registered office;

F39aa

in relation to a firm falling within sub-paragraph (h) of that paragraph, its registered office;

b

in relation to any other firm, its head office.

EEA authorisation

I3F13 6

“EEA authorisation” means—

a

in relation to an EEA firm falling within paragraph 5(e), registration with its home state regulator under Article 3 of the insurance mediation directive;

b

in relation to any other EEA firm, authorisation granted to an EEA firm by its home state regulator for the purpose of the relevant single market directive F29or, as the case may be, the emission allowance auctioning regulation.

EEA right

I47

“EEA right” means the entitlement of a person to establish a branch, or provide services, in an EEA State other than that in which he has his F14relevant office—

a

in accordance with the Treaty as applied in the EEA; and

b

subject to the conditions of the relevant single market directive F30or, as the case may be, the emission allowance auctioning regulation.

F157A

In paragraph 7, “relevant office” means—

a

in relation to a person who has a registered office and whose entitlement is subject to the conditions of the insurance mediation directive F55or the mortgages directive, his registered office;

F40aa

F47in relation to a person whose entitlement is subject to the conditions of the alternative investment fund managers directive, its registered office;

F47aa

in relation to a person whose entitlement is subject to the conditions of the alternative investment fund managers directive—

i

if the person’s registered office is in an EEA State, its registered office;

ii

if the person’s registered office is not in an EEA State, the registered office or branch of its legal representative (as defined in Article 4(1)(u) of the alternative investment fund managers directive);

b

in relation to any other person, his head office.

EEA State

I5F168

“EEA State ” has the meaning given by Schedule 1 to the Interpretation Act 1978.

Home state regulator

I69

“Home state regulator” means the competent authority (within the meaning of the relevant single market directive F31or, as the case may be, the emission allowance auctioning regulation) of an EEA State (other than the United Kingdom) in relation to the EEA firm concerned.

UK firm

I710

“UK firm” means a person whose F17relevant office is in the UK and who has an EEA right to carry on activity in an EEA State other than the United Kingdom.

F1810A

In paragraph 10, “relevant office” means—

a

in relation to a firm whose EEA right derives from the insurance mediation directive and which has a registered office, its registered office;

F41F48aa

in relation to a firm whose EEA right derives from the alternative investment fund managers directive, its registered office;

F48aa

in relation to a firm whose EEA right derives from the alternative investment fund managers directive—

i

if the firm’s registered office is in an EEA State, its registered office;

ii

if the firm’s registered office is not in an EEA State, the registered office or branch of its legal representative (as defined in Article 4(1)(u) of the alternative investment fund managers directive);

b

in relation to any other firm, its head office.

F24UK investment firm

Annotations:
Amendments (Textual)

10B

”UK investment firm” means a UK firm—

a

which is an investment firm, and

b

whose EEA right derives from the markets in financial instruments directive.

Host state regulator

I811

“Host state regulator” means the competent authority (within the meaning of the relevant single market directive F32or, as the case may be, the emission allowance auctioning regulation) of an EEA State (other than the United Kingdom) in relation to a UK firm’s exercise of EEA rights there.

F25Tied agent

Annotations:
Amendments (Textual)

11A

”Tied agent” has the meaning given in Article 4.1.25 of the markets in financial instruments directive.

F19Management company

Annotations:
Amendments (Textual)
F19

Sch. 3 paras. 11B, 11C inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(33)(c)

11B

“Management company” has the meaning given in Article 2.1(b) of the UCITS directive.

UCITS

11C

“UCITS” has the meaning given in Article 1.2 of the UCITS directive.

F34EEAAIFM

Annotations:
Amendments (Textual)
F34

Sch. 3 para. 11D and cross-heading inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 34(8)

11D

“EEAAIFM” means an EEA firm falling within paragraph 5(h) which is exercising in the United Kingdom a right deriving from the alternative investment fund managers directive.