Exercise of passport rights by UK firms
This section has no associated Explanatory Notes
11(1)Paragraph 20 (services) is amended as follows.
(2)For “Authority”, in each place, substitute “appropriate UK regulator”.
(3)After sub-paragraph (3A) insert—
“(3AA)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.”