SCHEDULES

SCHEDULE 4EEA passport rights and treaty rights

PART 1Amendments of Schedule 3 to FSMA 2000: EEA passport rights

Exercise of passport rights by EEA firms

I1I22

1

Paragraph 13 (establishment) is amended as follows.

2

In sub-paragraphs (1) and (1A), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

3

After sub-paragraph (1A) insert—

1B

Where the PRA receives a consent notice, it must give a copy to the FCA without delay.

1C

Where the FCA receives a consent notice it must in prescribed cases give a copy to the PRA without delay.

1D

In a case where the FCA is the appropriate UK regulator, the consent of the PRA is required for any notice by the FCA for the purposes of sub-paragraph (1)(ba) which relates to—

a

a PRA-regulated activity,

b

a PRA-authorised person, or

c

a person whose immediate group includes a PRA-authorised person.

1E

If the FCA—

a

receives a consent notice, or

b

receives under sub-paragraph (1B) a copy of a consent notice,

it must prepare for the firm's supervision.

1F

If the PRA—

a

receives a consent notice, or

b

receives under sub-paragraph (1C) a copy of a consent notice which identifies PRA-regulated activities or relates to a PRA-authorised person,

it must prepare for the firm's supervision.

4

In sub-paragraph (2)—

a

for “Authority” substitute “ appropriate UK regulator ”, and

b

omit paragraph (a).

5

In sub-paragraph (3), for “Authority” substitute “ appropriate UK regulator ”.

6

In sub-paragraph (4), after the definition of “applicable provisions” insert—

“the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the relevant single market directive;