SCHEDULES
C5SCHEDULE 3EEA Passport Rights
Part III Exercise of Passport Rights by UK Firms
F45Meaning of “the appropriate UK regulator”
Sch. 3 para. 18A and cross-heading inserted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 9 (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
18A
In this Part of this Schedule “the appropriate UK regulator” means—
a
where the UK firm is a PRA-authorised person, the PRA;
b
in any other case, the FCA.
Establishment
I1C119
1
C22
The first is that the firm has given the F46appropriate UK regulator, in the specified way, notice of its intention to establish a branch (“a notice of intention”) which—
a
identifies the activities which it seeks to carry on through the branch; and
b
includes such other information as may be specified.
3
F3Subject to sub-paragraph (5B), the activities identified in a notice of intention may include activities which are not regulated activities.
F44
The second is that—
a
the F46appropriate UK regulator has given notice in specified terms (“a consent notice”) to the host state regulator; and
b
where 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 F46appropriate UK regulator has provided to the host state regulator—
i
confirmation that the firm has been authorised as a management company pursuant to the provisions of the UCITS directive;
ii
a description of the scope of the management company's authorisation; and
iii
details of any restriction on the types of UCITS that the management company is authorised to manage.
F55
The third is—
a
b
in any other case, that either—
i
ii
two months have elapsed beginning with the date on which the F46appropriate UK regulator gave the consent notice.
F65ZA
This paragraph does not apply to F86a UK firm which falls within the second sub-paragraph of Article 2(1) of the Solvency 2 Directive.
F435ZB
This paragraph does not apply to a UK firm having an EEA right which is subject to the conditions of the emission allowance auctioning regulation, in respect of its exercise of that EEA right.
F75A
If—
a
the EEA right in question derives from the insurance mediation directive, and
b
the EEA State in which the firm intends to establish a branch has not 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 establish a branch in its territory,
the second and third conditions do not apply (and so the firm may establish the branch to which its notice of intention relates as soon as the first condition is satisfied).
F85B
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.
5C
In sub-paragraph (5B) “ancillary services” has the meaning given in Article 4.1.3 of the markets in financial instruments directive.
C26
If the firm’s EEA right derives from F9the F74capital requirements directive, F11F10. . . or, in the case of a credit institution authorised under the F74capital requirements directive, the markets in financial instruments directive and the first condition is satisfied, the F46appropriate UK regulator must give a consent notice to the host state regulator unless it has reason to doubt the adequacy of the firm’s resources or its administrative structure.
F126A
If the firm's EEA right derives from the UCITS directive and the first condition is satisfied, the F46appropriate UK regulator must give a consent notice and information about the compensation scheme to the host state regulator unless it has reason to doubt the adequacy of the firm's resources or its administrative structure, and must do so within two months beginning with the date on which it received the firm's notice of intention.
C27
If the firm’s EEA right derives from F87the Solvency 2 Directive and the first condition is satisfied, the F46appropriate UK regulator must give a consent notice unless it has reason—
a
to doubt the adequacy of the firm’s resources or its administrative structure, or
b
to question the reputation, qualifications or experience of the directors or managers of the firm or the person proposed as the branch’s authorised agent for the purposes of F89that directive,
in relation to the business to be conducted through the proposed branch.
F137A
If—
a
the firm’s EEA right derives from the insurance mediation directive,
b
the first condition is satisfied, and
c
the second condition applies,
the F46appropriate UK regulator must give a consent notice, and must do so within one month beginning with the date on which it received the firm’s notice of intention.
F147B
If the firm is a UK investment firm and the first condition is satisfied, the F46appropriate UK regulator must give a consent notice to the host state regulator within three months beginning with the date on which it received the firm's notice of intention unless the F46appropriate UK regulator has reason to doubt the adequacy of the firm's resources or its administrative structure.
F667BA
Sub-paragraph (7BB) applies where—
a
the firm’s EEA right derives from the alternative investment fund managers directive,
b
the first condition is satisfied, and
c
the appropriate UK regulator is satisfied that the firm complies, and will continue to comply, with—
i
the provisions implementing the alternative investment fund managers directive, and
ii
any directly applicable EU regulation made under that directive.
7BB
The appropriate UK regulator must—
a
within two months of receiving the firm’s notice of intention, give a consent notice to the host state regulator,
b
send with that notice confirmation that the firm has been authorised by it pursuant to F81Article 6.1 of the alternative investment fund managers directive, and
c
immediately notify the firm that it has given the consent notice to the host state regulator.
7BC
If the firm’s EEA right derives from the alternative investment fund managers directive, the third condition does not apply.
F977BD
If the firm’s EEA right derives from the mortgages directive and the first condition is satisfied, the appropriate UK regulator must give a consent notice to the host state regulator within one month beginning with the date on which it received the firm’s notice of intention.
F477C
Where the PRA is the appropriate UK regulator, it must consult the FCA before deciding whether to give a consent notice, except where sub-paragraph (7A) applies.
7D
Where the FCA is the appropriate UK regulator, it must consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.
8
If the F46appropriate UK regulator proposes to refuse to give a consent notice it must give the firm concerned a warning notice.
9
10
Rules may specify the procedure to be followed by the F46appropriate UK regulator in exercising its functions under this paragraph.
11
If the F46appropriate UK regulator gives a consent notice it must give written notice that it has done so to the firm concerned.
F9811A
If the firm’s EEA right derives from the mortgages directive, the appropriate UK regulator must give the written notice referred to in sub-paragraph (11) at the same time as it gives the consent notice to the host state regulator in accordance with sub-paragraph (7BD).
12
If the F46appropriate UK regulator decides to refuse to give a consent notice—
a
F76aa
the appropriate UK regulator must in the case of a credit institution notify EBA and the Commission; and
b
that person may refer the matter to the Tribunal.
F1612ZA
F1712A
In sub-paragraph (12), “the relevant period” means—
a
b
in any other case, three months beginning with that date.
13
In this paragraph, “applicable provisions” means the host state rules with which the firm will be required to comply when conducting business through the proposed branch in the EEA State concerned.
14
In sub-paragraph (13), “host state rules” means rules—
a
made in accordance with the relevant single market directive; and
b
which are the responsibility of the EEA State concerned (both as to implementation and as to supervision of compliance) in accordance with that directive.
15
“Specified” means specified in rules.
Services
I220
C3C41
F18Subject to F71sub-paragraphs (4D) to F92(4I), a UK firm may not exercise an EEA right to provide services unless the firm has given the F48appropriate UK regulator, 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
F19Subject to sub-paragraph (2A), the activities identified in a notice of intention may include activities which are not regulated activities.
F202A
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 F21the F77capital requirements directive, F22markets in financial instruments directiveF99, the mortgages directive or the UCITS directive, the F48appropriate UK regulator must, within one month of receiving a notice of intention, send a copy of it to the host state regulator F23with such other information as may be specified.
F243ZA
If the firm's EEA right derives from the UCITS directive, the F48appropriate UK regulator must provide information about the compensation scheme with the information provided to the host state regulator under sub-paragraph (3).
F253A
If the firm’s EEA right derives from F95the Solvency 2 Directive, the F48appropriate UK regulator must, within one month of receiving the notice of intention—
C4a
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.
F493AA
Where the PRA is the appropriate UK regulator, it must consult the FCA before deciding whether to give a consent notice.
3AB
Where the FCA is the appropriate UK regulator, it must consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.
F263B
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 F48appropriate UK regulator must, within one month of receiving the notice of intention, send a copy of it to the host state regulator;
b
the F48appropriate UK regulator, 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.
F273C
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 F48appropriate UK regulator 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.
F693D
If the firm’s EEA right derives from the alternative investment fund managers directive, the appropriate UK regulator must—
a
if the condition in sub-paragraph (3E) is satisfied—
i
within one month of receiving the firm’s notice of intention, send a copy of the firm’s notice of intention to the host state regulator;
ii
send with that notice confirmation that the firm has been authorised by it pursuant to F82Article 6.1 of that directive, with such other information as may be specified; and
iii
immediately notify the firm that it has given the notice and confirmation to the host state regulator; or
b
give the firm written notice of its refusal to send a copy of the notice of intention to the host state regulator and its reasons for that refusal.
3E
The condition is that the appropriate UK regulator is satisfied that the firm complies, and will continue to comply, with—
a
the provisions implementing the alternative investment fund managers directive, and
b
any directly applicable EU regulation made under that directive.
4
F294A
If the firm is given notice under sub-paragraph (3A)(b) F73or (3D)(b), it may refer the matter to the Tribunal.
4B
If the firm’s EEA right derives from F93the Solvency 2 DirectiveF30 or from F72the alternative investment fund managers directive, the markets in financial instruments directiveF31 or 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).
F324BA
F1004BB
If the firm’s EEA right derives from the mortgages directive it 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 (4), has elapsed.
4C
Rules may specify the procedure to be followed by the F48appropriate UK regulator under this paragraph.
F334D
This paragraph does not apply to F94a UK firm which falls within the second sub-paragraph of Article 2(1) of the Solvency 2 Directive.
F444E
This paragraph does not apply to a UK firm having an EEA right which is subject to the conditions of the emission allowance auctioning regulation, in respect of its exercise of that EEA right.
F704F
This paragraph does not apply to—
a
the operator of a UCITS established in the United Kingdom seeking to exercise an EEA right to market the units of that UCITS in the territory of another EEA State; or
b
a UK firm seeking to exercise an EEA right under the alternative investment fund managers directive to market an AIF.
F914G
This paragraph does not apply to a UK firm exercising an EEA right to enter into a Community co-insurance contract if it is not the leading insurance undertaking.
4H
In this paragraph “Community co-insurance contract” means a contract of insurance which—
a
covers one or more risks that are within any of classes 3 to 16 of Annex I of the Solvency 2 Directive;
b
covers a large risk situated within the EEA which is not covered in whole or in part by another contract of insurance;
c
provides that the risk to which it relates is covered by an overall premium and for the same period by two or more insurance undertakings each for its own part as a co-insurer, at least one of which enters into the contract from a head office or branch established in an EEA State other than that of the leading insurance undertaking; and
d
provides that one of the co-insurers is the leading insurance undertaking.
4I
In this paragraph—
a
“leading insurance undertaking” means the insurance undertaking which under the Community co-insurance contract is specified as such and assumes fully the leader’s role including in particular—
i
being treated as covering the whole risk; and
ii
determining the terms and conditions of insurance and rating;
b
“large risk” has the meaning given in Article 13(27) of the Solvency 2 Directive but as if the risks referred to in point (c) of the first sub-paragraph of Article 13(27) included risks insured by professional associations, joint ventures, or temporary groupings.
F345
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
“Specified” means specified in rules.
20ZAF35Information for host state regulator
1
The F50appropriate UK regulator must keep a record of the confirmation and other information provided to the host state regulator under paragraph 19(4) or paragraph 20(3C) in relation to a UK firm which is a management company.
2
The F50appropriate UK regulator must inform the host state regulator whenever there is a change in the confirmation or other information referred to in sub-paragraph (1).
F783
The appropriate UK regulator must inform the host state regulator whenever it withdraws the authorisation of a credit institution in respect of which a notice under paragraph 19(6) or paragraph 20(3) has been given.
F1014
The appropriate UK regulator must inform the host state regulator whenever it—
a
withdraws the authorisation of a UK firm that exercises an EEA right under the mortgages directive to establish a branch or provide services in an EEA State other than the United Kingdom; or
b
varies the Part 4A permission of such a firm, so that the firm no longer has permission to carry on any activity to which the mortgages directive relates.
5
The appropriate UK regulator must provide the information referred to in sub-paragraph (4) as soon as possible and, at the latest, within 14 days of—
a
the date of the direction given in accordance with section 33(2) withdrawing the firm’s status as an authorised person, or
b
the date on which the variation of the Part 4A permission takes effect.
F39Tied agents
Sch. 3 para. 20A and preceding cross-heading 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. 12
20A
1
If a UK investment firm F105or UK credit institution is seeking to use a tied agent established in an EEA State (other than the United Kingdom) in connection with the exercise of an EEA right deriving from the markets in financial instruments directive, this Part of this Schedule applies as if the firm were seeking to establish a branch in that State.
2
But if—
a
a UK investment firm F105or UK credit institution has already established a branch in an EEA State other than the United Kingdom in accordance with paragraph 19; and
b
the EEA right which it is exercising derives from the markets in financial instruments directive,
paragraph 19 does not apply in respect of its use of the tied agent in question.
F1063
In this paragraph “UK credit institution” means a UK firm—
a
which is a credit institution; and
b
whose EEA right derives from the markets in financial instruments directive.
20BF36Notice of intention to market F63a UCITS
1
The operator of a UCITS established in the United Kingdom may not exercise an EEA right to market the units of that UCITS in the territory of another EEA State unless the operator has given the F51appropriate UK regulator, in the specified way, notice of its intention to market the units (“notice of intention”) which contains, and is accompanied by, such information as may be specified in rules, or in regulations made by the European Commission under the UCITS directive.
2
The F51appropriate UK regulator must ensure that the information referred to in sub-paragraph (1) may be transmitted to it electronically.
3
The F51appropriate UK regulator must verify whether the information submitted with the notice of intention is complete and, within 10 days of the date on which the F51appropriate UK regulator received the complete information required, send to the host state regulator—
a
a copy of the notice of intention;
b
the accompanying information; and
c
confirmation that the operator and the UCITS fulfil the conditions imposed by the UCITS directive.
4
The F51appropriate UK regulator must ensure that the host state regulator has electronic access to the information and documents referred to in sub-paragraph (3).
5
The F51appropriate UK regulator must notify the operator immediately that the information referred to in sub-paragraph (3) has been sent to the competent authorities of the host state regulator.
6
The operator may market the units of the UCITS in the territory of the host state regulator from the moment it receives the notification referred to in sub-paragraph (5).
7
In this paragraph—
“operator” has the same meaning as in section 237 of this Act;
“specified” means specified in rules.
F64Notice of intention to market an AIF
Sch. 3 para. 20C 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(14)
20C
1
2
The first condition is that the full-scope UKAIFM has given the appropriate UK regulator, in the specified way, notice of its intention to market the AIF (“notice of intention”) which contains, and is accompanied by, such information as may be specified.
3
The appropriate UK regulator must ensure that the notice of intention and any accompanying information may be transmitted to it electronically.
4
The second condition is that the appropriate UK regulator has sent a copy of the notice of intention to the host state regulator, and has given written notice to the full-scope UKAIFM that it has done so.
5
Sub-paragraph (6) applies where—
a
the appropriate UK regulator is satisfied that the full-scope UKAIFM complies, and will continue to comply, with—
i
the provisions implementing the alternative investment fund managers directive, and
ii
any directly applicable EU regulation made under that directive, and
F85b
if the UKAIF or EEAAIF is a feeder AIF, its master AIF is a UKAIF or EEAAIF that is managed by—
i
a full-scope UKAIFM, or
ii
an AIFM authorised in another EEA State in accordance with Article 6.1 of the alternative investment fund managers directive.
F85b
if the AIF is a third country AIF or a third country feeder AIF—
i
appropriate co-operation arrangements are in place between the FCA and the supervisory authorities of the relevant third country in order to ensure an efficient exchange of information that allows the FCA to carry out its duties in accordance with the alternative investment fund managers directive,
ii
the relevant third country is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force,
iii
the relevant third country has signed an agreement with the United Kingdom and with each other EEA State in which the units or shares of the AIF are intended to be marketed, and
iv
the agreement fully complies with the standards laid down in Article 26 of the Organisation for Economic Co-operation and Development’s Model Tax Convention on Income and on Capital 2010(11) and ensures an effective exchange of information on tax matters, including any multilateral tax agreements.
6
The appropriate UK regulator must send a copy of the notice of intention to the host state regulator within 20 working days of receiving it.
7
When sending a copy of the notice of intention to the host state regulator, the appropriate UK regulator must send with the notice confirmation that the full-scope UKAIFM concerned is authorised to manage AIFs with a particular investment strategy, and a statement of that strategy.
8
If the notice of intention relates to an EEAAIF, the appropriate UK regulator must, when it sends a copy of the notice to the host state regulator, also inform the competent authority of the EEAAIF that the full-scope UKAIFM may start marketing the AIF in the EEA States covered by the notice.
9
The appropriate UK regulator must notify the full-scope UKAIFM immediately that the copy of the notice of intention has been sent to the host state regulator.
10
The full-scope UKAIFM may market the AIF in the territory of the host state regulator from the date it receives the notification referred to in sub-paragraph (9).
11
If the appropriate UK regulator refuses to send a copy of the notice of intention to the host state regulator—
a
the appropriate UK regulator must give the AIFM written notice of its refusal and its reasons for that refusal; and
b
the AIFM may refer the matter to the Tribunal.
12
In this paragraph—
“competent authority” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013;
“EEAAIF” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013;
“feeder AIF” has the meaning given in Article 4.1(m) of the alternative investment fund managers directive;
“master AIF” has the meaning given in Article 4.1(y) of that directive;
F83“relevant third country” means—
- (a)
in relation to a third country AIF, the country in which the AIF is authorised or registered or, if the AIF is not authorised or registered, the country in which it has its registered office;
- (b)
in relation to a third country feeder AIF, the country in which the master AIF is authorised or registered or, if the master AIF is not authorised or registered, the country in which it has its registered office;
- (a)
“specified” means specified in rules;
F83“third country AIF” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013;
F83“third country feeder AIF” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013;
F83“third country AIFM” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013.”.
“UKAIF” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013.
Offence relating to exercise of passport rights
I321
1
If a UK firm which is not an authorised person contravenes the prohibition imposed by—
a
sub-paragraph (1) of paragraph 19, or
it is guilty of an offence.
2
A firm guilty of an offence under sub-paragraph (1) is liable—
a
on summary conviction, to a fine not exceeding the statutory maximum; or
b
on conviction on indictment, to a fine.
3
In proceedings for an offence under sub-paragraph (1), it is a defence for the firm to show that it took all reasonable precautions and exercised all due diligence to avoid committing the offence.
Continuing regulation of UK firms
I422
1
Regulations may make such provision as the Treasury consider appropriate in relation to a UK firm’s exercise of EEA rights, and may in particular provide for the application (with or without modification) of any provision of, or made under, this Act in relation to an activity of a UK firm.
2
Regulations may—
a
make provision as to any change (or proposed change) of a prescribed kind relating to a UK firm or to an activity that it carries on and as to the procedure to be followed in relation to such cases;
b
make provision with respect to the consequences of the firm’s failure to comply with a provision of the regulations.
3
Where a provision of the kind mentioned in sub-paragraph (2) requires F52the consent of the FCA or the PRA to a change (or proposed change)—
a
consent may be refused only on prescribed grounds; and
b
if F53the FCA or the PRA decides to refuse consent, the firm concerned may refer the matter to the Tribunal.
F8023
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I524
1
Sub-paragraph (2) applies if a UK firm—
a
is not required to have a F54Part 4A permission in relation to the business which it is carrying on; and
b
is exercising the right conferred by F79Article 34 of the capital requirements directive to carry on that business in an EEA State other than the United Kingdom.
2
If requested to do so by the host state regulator in the EEA State in which the UK firm’s business is being carried on, F55either regulator may impose any requirement in relation to the firm which it could impose if—
a
the firm had a F56Part 4A permission in relation to the business which it is carrying on; and
b
F57that regulator was entitled to exercise its power under that Part to vary that permission.
F58Arrangements between FCA and PRA
Sch. 3 para. 24A and crossheading inserted (24.1.2013 for specified purposes, 27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 17 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, arts. 2, 3, Sch.
24A
1
The regulators may make arrangements about—
a
how they will consult each other when required to do so by paragraph 19(7C) or (7D) or 20(3AA) or (3AB) or by regulations under paragraph 22;
b
how each of them will act in response to any advice or representations received from the other.
2
The arrangements may require one regulator to obtain the consent of the other in specified circumstances before—
a
giving a consent notice under paragraph 19 or 20, or
b
exercising specified functions under regulations under paragraph 22.
3
The arrangements must be in writing, and must specify—
a
the EEA rights to which they relate, and
b
the date on which they come into force.
4
Where arrangements are in force under this paragraph, the regulators must exercise functions in accordance with the arrangements.
5
The regulators must publish any arrangements under this paragraph in such manner as they think fit.
F40Information to be included in the public record
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
25
The F59FCA must include in the record that it maintains under section 347 in relation to any UK firm whose EEA right derives from the insurance mediation directive F103or the mortgages directive information as to each EEA State in which the UK firm, in accordance with such a right—
a
has established a branch; or
b
is providing services.
26F38UK management companies: delegation of functions
Where a UK firm which is a management company and is providing services in the exercise of an EEA right to an EEAUCITS informs the F60appropriate UK regulator that it has delegated one or more of its functions to a third party, the F60appropriate UK regulator must transmit that information to the home state regulator of the EEAUCITS without delay.
27UK management companies: withdrawal of authorisation
Where a UK firm which is a management company has exercised an EEA right deriving from the UCITS directive to establish a branch or to provide services in another EEA State, the F61appropriate UK regulator must consult the home state regulator of any UCITS managed by that management company before taking a decision to withdraw the authorisation of the management company under section 33.
28Management companies: request for information
1
Where a UK firm has applied to manage a UCITS which is established in another EEA State, the home state regulator of the UCITS may—
a
request further information from the F62appropriate UK regulator regarding the documents referred to in Article 20.1 of the UCITS directive, and
b
ask the F62appropriate UK regulator whether the type of UCITS for which the UK firm has applied to provide its services falls within the scope of the authorisation of the UK firm.
2
The F62appropriate UK regulator must respond to a request under sub-paragraph (1)(a) or (b) within 10 working days of the date on which the request was received.
F65Full-scope UKAIFMs: notification of breach by host state regulator
Sch. 3 para. 29 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(15)
29
If a host state regulator informs the FCA in accordance with paragraph 5 of Article 45 of the alternative investment fund managers directive that a full-scope UKAIFM has refused to provide the information or to take the steps referred to in that paragraph, the appropriate UK regulator must—
a
take steps to ensure that the AIFM provides the information or complies with the rules of which it is in breach;
b
request any necessary information from a supervisory authority in a country that is not an EEA State; and
c
notify the host state regulator of the steps taken under paragraph (a).
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))