SCHEDULES
C1SCHEDULE 3EEA Passport Rights
Part II Exercise of Passport Rights by EEA Firms
F1 Power to restrict permission of management companies
Sch. 3 para. 15A and cross-heading inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg. 3(1)(d)
15AF3Application for approval to manage UCITS
1
An EEA firm falling within paragraph 5(f) which wishes to manage a UKUCITS must apply to the F7appropriate 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 F7appropriate 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
5
Before giving a notice under sub-paragraph (4), the F7appropriate UK regulator must consult the home state regulator of the firm.
6
A notice given by the F7appropriate UK regulator under sub-paragraph (4) must—
a
give the F7appropriate 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 F7appropriate UK regulator.
F66A
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—
- a
in rules made by the F7appropriate UK regulator to implement the UCITS directive, or
- b
in any directly applicable Community regulation or decision made under the UCITS directive;
- a
“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.
15BF2Representations and references to the Tribunal
1
Within a reasonable time after the end of the period for making representations, the F4appropriate UK regulator must decide, in the light of any representations made to it during that period by a person to whom notice has been given under paragraph 15A(4), whether to withdraw the notice.
2
If the F4appropriate UK regulator decides not to withdraw its notice, it must—
a
give a decision notice to each person to whom the notice under paragraph 15A(4) was given, and
b
inform the firm's home state regulator and the Commission that authorisation has been refused, and of the grounds for the refusal.
3
The management company to whom the decision notice is given may refer the matter to the Tribunal.
F84
In this paragraph “the appropriate UK regulator” has the same meaning as in paragraph 15A.
15CInformation to home state regulator
1
Where an EEA firm falling within paragraph 5(f) has applied to manage a UCITS established in the United Kingdom, the F9appropriate UK regulator, as defined in paragraph 15A(7), must without delay inform the home state regulator of that firm of any problem of which they are aware that may materially affect the ability of the firm—
a
to perform its duties properly, or
b
to comply with the home state rules.
2
In sub-paragraph (1), “ home state rules ” means rules—
a
made by the EEA State concerned in accordance with the UCITS directive; and
b
which are the responsibility of that EEA State (both as to implementation and as to supervision of compliance) in accordance with that directive.
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))