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6. In Schedule 3 (EEA Passport Rights)—
(a)after paragraph 1(c)(1) insert “(ca) the reinsurance directive;”;
(b)after paragraph 3 insert—
“The reinsurance directive
3A. “The reinsurance directive” means Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC.”;
(c)after paragraph 5(d) insert—
“(da)an undertaking pursuing the activity of reinsurance (within the meaning of Article 2.1(a) of the reinsurance directive) which has received authorisation under (or is deemed to be authorised in accordance with) Article 3 of the reinsurance directive from its home state regulator;”;
(d)after paragraph 12(4)(2) insert—
“(5) An EEA firm which falls within paragraph 5(da) which establishes a branch in the United Kingdom, or provides services in the United Kingdom, in exercise of an EEA right qualifies for authorisation.
(6) Sub-paragraphs (1) and (2) do not apply to an EEA firm falling within paragraph 5(da).”;
(e)in paragraph 15—
(i)in sub-paragraph (1) for “paragraph 12” substitute “paragraph 12(1), (2) or (3)”;
(ii)after sub-paragraph (4) insert—
“(5) A firm which qualifies for authorisation as a result of paragraph 12(5) has, in respect of each permitted activity which is a regulated activity, permission to carry it on through its United Kingdom branch or by providing services in the United Kingdom.
(6) The permission is to be treated as being on terms equivalent to those appearing in the authorisation granted to the firm under Article 3 of the reinsurance directive by its home state regulator (“its home authorisation”).
(7) For the purposes of sub-paragraph (5), “permitted activity” means an activity which the firm is permitted to carry on under its home authorisation.”;
(f)in paragraph 19(1)(3) for “sub-paragraph (5A)” substitute “sub-paragraphs (5ZA) and (5A)”;
(g)after paragraph 19(5) insert—
“(5ZA) This paragraph does not apply to a UK firm having an EEA right which is subject to the conditions of the reinsurance directive.”;
(h)in paragraph 20(1)(4) at the beginning insert “Subject to sub-paragraph (4D), ”;
(i)after paragraph 20(4C) insert—
“(4D) This paragraph does not apply to a UK firm having an EEA right which is subject to the conditions of the reinsurance directive.”.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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