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Financial Services Act 2012

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This is the original version (as it was originally enacted).

Exercise of passport rights by EEA firms

This section has no associated Explanatory Notes

3(1)Paragraph 14 (services) is amended as follows.

(2)In sub-paragraph (1), for “Authority”, in each place, substitute “appropriate UK regulator”.

(3)After sub-paragraph (1) insert—

(1A)Relevant notice” means—

(a)a regulator's notice, or

(b)where none is required by sub-paragraph (1), a notice informing the appropriate UK regulator of the firm's intention to provide services in the United Kingdom.

(1B)Where the PRA receives a relevant notice, it must give a copy to the FCA without delay.

(1C)Where the FCA receives a relevant notice, it must in prescribed cases give a copy to the PRA without delay.

(1D)If the FCA—

(a)receives a relevant notice, or

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

it must prepare for the firm's supervision.

(1E)If the PRA—

(a)receives a relevant notice, or

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

it must, unless the firm falls within paragraph 5(e), prepare for the firm's supervision.

(4)For sub-paragraph (2) substitute—

(2)If the appropriate UK regulator has received a relevant notice, it must, unless the firm falls within paragraph 5(a) or (e), notify the firm of the applicable provisions (if any).

(5)Omit sub-paragraph (2A).

(6)In sub-paragraph (3)—

(a)for “(2)(b)” substitute “(2)”, and

(b)for the words from “Authority” to the end substitute “appropriate UK regulator received the relevant notice”.

(7)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;.

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