SCHEDULESF15
C3SCHEDULE 3EEA Passport Rights
Part III Exercise of Passport Rights by UK Firms
Services
I120
C1C21
F1Subject to sub-paragraph (4D), a UK firm may not exercise an EEA right to provide services unless the firm has given the Authority, in the specified way, notice of its intention to provide services (“a notice of intention”) which—
a
identifies the activities which it seeks to carry out by way of provision of services; and
b
includes such other information as may be specified.
2
F2Subject to sub-paragraph (2A), the activities identified in a notice of intention may include activities which are not regulated activities.
F32A
If the firm is a UK investment firm, a notice of intention may not include ancillary services unless such services are to be provided in connection with the carrying on of one or more investment services and activities.
2B
In sub-paragraph (2A) “ancillary services” has the meaning given in Article 4.1.3 of the markets in financial instruments directive.
3
If the firm’s EEA right derives from F4the banking consolidation directive, F5markets in financial instruments directive or the UCITS directive, the Authority must, within one month of receiving a notice of intention, send a copy of it to the host state regulator F6with such other information as may be specified.
F73A
If the firm’s EEA right derives from any of the insurance directives, the Authority must, within one month of receiving the notice of intention—
C2a
give notice in specified terms (“a consent notice”) to the host state regulator; or
b
give written notice to the firm of—
i
its refusal to give a consent notice; and
ii
its reasons for that refusal.
F83B
If the firm’s EEA right derives from the insurance mediation directive and the EEA State in which the firm intends to provide services has notified the Commission, in accordance with Article 6(2) of that directive, of its wish to be informed of the intention of any UK firm to provide services in its territory—
a
the Authority must, within one month of receiving the notice of intention, send a copy of it to the host state regulator;
b
the Authority, when it sends the copy in accordance with sub-paragraph (a), must give written notice to the firm concerned that it has done so; and
c
the firm concerned must not provide the services to which its notice of intention relates until one month, beginning with the date on which it receives the notice under sub-paragraph (b), has elapsed.
4
When the Authority sends the copy under sub-paragraph (3) F9or gives a consent notice, it must give written notice to the firm concerned.
F104A
If the firm is given notice under sub-paragraph (3A)(b), it may refer the matter to the Tribunal.
4B
If the firm’s EEA right derives from any of the insurance directives F11or from the markets in financial instruments directive, it must not provide the services to which its notice of intention relates until it has received written notice under sub-paragraph (4).
F124BA
If the firm's EEA right derives from the markets in financial instruments directive, the Authority must comply as soon as reasonably practicable with a request for information under the second sub-paragraph of Article 31.6 of that directive from the host state regulator.
4C
Rules may specify the procedure to be followed by the Authority under this paragraph.
F134D
This paragraph does not apply to a UK firm having an EEA right which is subject to the conditions of the reinsurance directive.
F145
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6
“Specified” means specified in rules.
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))