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—

    1. a

      made in accordance with the relevant single market directive; and

    2. 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

  • “permitted activity” means an activity identified in the consent notice.