SCHEDULES
C2SCHEDULE 3EEA Passport Rights
Part II Exercise of Passport Rights by EEA Firms
Establishment
I1C113
1
F1If the firm falls within paragraph 5(a), (b), F2(c), (d) F20(f), (h) or (i), the establishment conditions are that—
a
the F11appropriate UK regulator has received notice (“a consent notice”) from the firm’s home state regulator that it has given the firm consent to establish a branch in the United Kingdom;
b
the consent notice—
i
is given in accordance with the relevant single market directive;
ii
identifies the activities to which consent relates; and
iii
includes such other information as may be prescribed; F3. . .
F4ba
c
d
in the case of a firm falling within paragraph 5(h), its home state regulator has informed it that the consent notice has been sent to the appropriate UK regulatorF22; and
e
in the case of a firm falling within paragraph 5(i)—
i
its home state regulator has informed it that the consent notice has been sent to the appropriate UK regulator, and
ii
one month has elapsed beginning with the date on which the firm’s home state regulator informed the firm that the consent notice has been sent to the appropriate UK regulator.
F61A
If the firm falls within paragraph 5(e), the establishment conditions are that—
a
the firm has given its home state regulator notice of its intention to establish a branch in the United Kingdom;
b
the F12appropriate UK regulator has received notice (“a regulator’s notice”) from the firm’s home state regulator that the firm intends to establish a branch in the United Kingdom;
c
the firm’s home state regulator has informed the firm that the regulator’s notice has been sent to the F12appropriate UK regulator; and
d
one month has elapsed beginning with the date on which the firm’s home state regulator informed the firm that the regulator’s notice has been sent to the F12appropriate UK regulator.
F131B
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.
2
If the F14appropriate UK regulator has received a consent notice, it must—
F15a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
c
if the firm falls within paragraph 5(d), notify its home state regulator of the applicable provisions (if any).
3
A notice under sub-paragraph (2)(b) or (c) must be given before the end of the period of two months beginning with the day on which the F16appropriate UK regulator received the consent notice.
F243A
If the appropriate UK regulator has received a consent notice in respect of a firm that falls within paragraph 5(i), it must—
a
notify the firm of the applicable provisions (if any); and
b
use the information received from the firm’s home state regulator to enter the necessary information into the record maintained by the FCA by virtue of section 347(1).
3B
A notice under sub-paragraph (3A)(a) must be given before the end of the period of two months beginning with the day on which the appropriate UK regulator received the consent notice.
4
For the purposes of this paragraph—
“applicable provisions” means the host state rules with which the firm is required to comply when carrying on a permitted activity through a branch in the United Kingdom;
F17“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;
“host state rules” means rules—
- a
made in accordance with the relevant single market directive F9or for the purposes of the emission allowance auctioning regulation; and
- b
which are the responsibility of the United Kingdom (both as to implementation and as to supervision of compliance) in accordance with that directive F10or for the purposes of that regulation; and
- a
“permitted activity” means an activity identified in the consent notice F8or regulator’s notice, as the case may be.
Sch. 3 extended (with modifications) (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 25-27; S.I. 2001/3538, art. 2(1)
Sch. 3 extended (with modifications) (Gibraltar) (5.10.2001 for specified purposes, 1.12.2001 in so far as not already in force) by S.I. 2001/3084, arts. 1(1), 2-4 (as amended (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 3 (which amending S.I. is itself amended by S.I. 2014/1313, arts. 1, 2(a)); and as amended (31.12.2020) by S.I. 2019/589, regs. 1(3), 5-9 (with reg. 12) (as amended by S.I. 2020/1274, regs. 1, 2)); S.I. 2001/3538, art. 2(1)
Sch. 3 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(b), 128(3)(b) (with art. 23(2))