The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2013

Amendments to the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations

2.—(1) The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001(1) are amended as follows.

(2) After regulation 2 (establishment of a branch: contents of consent notice), insert—

“Prescribed cases: establishment

2A.— (1) The case in paragraph (2) is prescribed for the purposes of paragraph 13(1C) of Schedule 3 to the Act (establishment).

(2) The case is the receipt by the FCA of a consent notice in respect of an investment firm to which the obligation in Article 9 of Directive 2006/49/EC of the European Parliament and of the Council on the capital adequacy of investment firms and credit institutions(2) (investment firms which are required to have initial capital of EUR 730,000) applies, where the investment firm intends to provide services or activities in the United Kingdom which consist of or include dealing on its own account.”.

(3) After regulation 3 (provision of services: contents of regulator’s notice), insert—

“Notice of qualification for authorisation

3A.   The appropriate UK regulator(3) must notify the other regulator when an EEA firm qualifies for authorisation where—

(a) the PRA is the appropriate UK regulator;

(b) the FCA is the appropriate UK regulator and the EEA firm intends to carry on a PRA-regulated activity in the United Kingdom.”.

(4) After regulation 19, insert—

“PART 3A TREATY FIRMS

Notice of qualification for authorisation

19A.   The appropriate UK regulator(4) must notify the other regulator when a Treaty firm qualifies for authorisation where—

(a) the PRA is the appropriate UK regulator;

(b) the FCA is the appropriate UK regulator and the EEA firm intends to carry on a PRA-regulated activity in the United Kingdom.”.

(1)

S.I. 2001/2511. There are amending instruments but none is relevant.

(2)

OJ L 177, 30.6.2006, p.201.

(3)

Paragraph 13(4) of Schedule 3, as amended by the 2012 Act, Schedule 4, Part 1, paragraph 2, defines “the appropriate UK regulator” as whichever of the FCA and the PRA is the competent authority for the purposes of the relevant single market directive.

(4)

Paragraph 3(2A) of Schedule 4, as amended by the 2012 Act, Schedule 4, Part 2, paragraph 23, defines “the appropriate UK regulator” as the PRA, where any of the activities to which a notification under paragraph 3(2) relates is a PRA-regulated activity, and the FCA in any other case.