SCHEDULES
SCHEDULE 4

EEA passport rights and treaty rights
PART 1

Amendments of Schedule 3 to FSMA 2000: EEA passport rights

Exercise of passport rights by EEA firms
2
1
Paragraph 13 (establishment) is amended as follows.
2
In sub-paragraphs (1) and (1A), for “Authority”, in each place, substitute “appropriate UK regulator”.
3
After sub-paragraph (1A) insert—
1B
Where the PRA receives a consent notice, it must give a copy to the FCA without delay.
1C
Where the FCA receives a consent notice it must in prescribed cases give a copy to the PRA without delay.
1D
In a case where the FCA is the appropriate UK regulator, the consent of the PRA is required for any notice by the FCA for the purposes of sub-paragraph (1)(ba) which relates to—
a
a PRA-regulated activity,
b
a PRA-authorised person, or
c
a person whose immediate group includes a PRA-authorised person.
1E
If the FCA—
a
receives a consent notice, or
b
receives under sub-paragraph (1B) a copy of a consent notice,
it must prepare for the firm's supervision.
1F
If the PRA—
a
receives a consent notice, or
b
receives under sub-paragraph (1C) a copy of a consent notice which identifies PRA-regulated activities or relates to a PRA-authorised person,
it must prepare for the firm's supervision.
4
In sub-paragraph (2)—
a
for “Authority” substitute “appropriate UK regulator”, and
b
omit paragraph (a).
5
In sub-paragraph (3), for “Authority” substitute “appropriate UK regulator”.
6
In sub-paragraph (4), after the definition of “applicable provisions” insert—
- “the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the relevant single market directive;
.