PermissionU.K.
4(1)On qualifying for authorisation under this Schedule, a Treaty firm has permission to carry on each permitted activity through its United Kingdom branch or by providing services in the United Kingdom.U.K.
(2)The permission is to be treated as being on terms equivalent to those to which the firm’s home state authorisation is subject.
(3)If, on qualifying for authorisation under this Schedule, a firm has [F1a Part 4A permission] which includes permission to carry on a permitted activity, the [F2 appropriate UK regulator] must give a direction cancelling the permission so far as it relates to that activity.
(4)The [F3appropriate UK regulator] need not give a direction under sub-paragraph (3) if it considers that there are good reasons for not doing so.
[F4(5)The appropriate UK regulator” means—
(a)where the Treaty firm is a PRA-authorised person, the FCA or the PRA;
(b)in any other case, the FCA.]
Textual Amendments
F1Words in Sch. 4 para. 4(3) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 25(2)(a) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F2Words in Sch. 4 para. 4(3) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 25(2)(b) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F3Words in Sch. 4 para. 4(4) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 25(3) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F4Sch. 4 para. 4(5) inserted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 25(4) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.