SCHEDULES
SCHEDULE 3EEA Passport Rights
Part IIExercise of Passport Rights by EEA Firms
Establishment
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1
The establishment conditions are that—
a
the Authority 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; and
c
the firm has been informed of the applicable provisions or two months have elapsed beginning with the date when the Authority received the consent notice.
2
If the Authority has received a consent notice, it must—
a
prepare for the firm’s supervision;
b
notify the firm of the applicable provisions (if any); and
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 Authority 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;
“host state rules” means rules—
- a
made in accordance with the relevant single market directive; 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; and
- a
“permitted activity” means an activity identified in the consent notice.