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3(1)The conditions are that—
(a)the firm has received authorisation (“home state authorisation”) under the law of its home state to carry on the regulated activity in question (“the permitted activity”);
(b)the relevant provisions of the law of the firm’s home state—
(i)afford equivalent protection; or
(ii)satisfy the conditions laid down by a Community instrument for the co-ordination or approximation of laws, regulations or administrative provisions of member States relating to the carrying on of that activity; and
(c)the firm has no EEA right to carry on that activity in the manner in which it is seeking to carry it on.
(2)A firm is not to be regarded as having home state authorisation unless its home state regulator has so informed the Authority in writing.
(3)Provisions afford equivalent protection if, in relation to the firm’s carrying on of the permitted activity, they afford consumers protection which is at least equivalent to that afforded by or under this Act in relation to that activity.
(4)A certificate issued by the Treasury that the provisions of the law of a particular EEA State afford equivalent protection in relation to the activities specified in the certificate is conclusive evidence of that fact.
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