SCHEDULES

C1SCHEDULE 3EEA Passport Rights

Annotations:
Modifications etc. (not altering text)
C1

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))

Part II Exercise of Passport Rights by EEA Firms

F2 Power to restrict permission of management companies

Annotations:
Amendments (Textual)

15AF1Application for approval to manage UCITS

1

An EEA firm falling within paragraph 5(f) which wishes to manage a UKUCITS must apply to the F3appropriate UK regulator in the specified form for approval to manage that UCITS.

2

Where the EEA firm satisfies the conditions in paragraph 13 (establishment conditions) or paragraph 14 (service conditions), the F3appropriate UK regulator may only refuse the application if it determines that one of the grounds set out in sub-paragraph (3) applies.

3

The grounds referred to in sub-paragraph (2) are—

a

that the EEA firm does not comply with the UCITS home state rules;

b

that the firm is not authorised by its home state regulator to manage the type of collective investment scheme for which authorisation is requested; or

c

that the firm has not provided the documentation required under Article 20(1) of the UCITS directive.

4

The F3appropriate UK regulator must give a notice to the EEA firm, the firm's home state regulator and the Commission of the F3appropriate UK regulator's determination under sub-paragraph (2).

5

Before giving a notice under sub-paragraph (4), the F3appropriate UK regulator must consult the home state regulator of the firm.

6

A notice given by the F3appropriate UK regulator under sub-paragraph (4) must—

a

give the F3appropriate UK regulator's reasons for considering that one of the grounds set out in sub-paragraph (3) is satisfied; and

b

specify a reasonable period (which may not be less than 28 days) within which any person to whom it is given may make representations to the F3appropriate UK regulator.

F46A

If—

a

the FCA is the appropriate UK regulator, and

b

the firm is, or the firm's immediate group includes, a PRA-authorised person,

the FCA must give the PRA a copy of the notice under sub-paragraph (4).

7

In this paragraph—

  • F5“the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the UCITS directive;

  • “specified” means specified—

    1. a

      in rules made by the F3appropriate UK regulator to implement the UCITS directive, or

    2. b

      in any directly applicable Community regulation or decision made under the UCITS directive;

  • “UCITS home state rules” means requirements which are imposed by or under this Act so far as relating to matters falling within Article 19(3) and (4) of the UCITS directive.