SCHEDULES

SCHEDULE 4EEA passport rights and treaty rights

PART 1Amendments of Schedule 3 to FSMA 2000: EEA passport rights

3Exercise of passport rights by EEA firms

1

Paragraph 14 (services) is amended as follows.

2

In sub-paragraph (1), for “Authority”, in each place, substitute “appropriate UK regulator”.

3

After sub-paragraph (1) insert—

1A

Relevant notice” means—

a

a regulator's notice, or

b

where none is required by sub-paragraph (1), a notice informing the appropriate UK regulator of the firm's intention to provide services in the United Kingdom.

1B

Where the PRA receives a relevant notice, it must give a copy to the FCA without delay.

1C

Where the FCA receives a relevant notice, it must in prescribed cases give a copy to the PRA without delay.

1D

If the FCA—

a

receives a relevant notice, or

b

receives under sub-paragraph (1B) a copy of a relevant notice,

it must prepare for the firm's supervision.

1E

If the PRA—

a

receives a relevant notice, or

b

receives under sub-paragraph (1C) a copy of a relevant notice which identifies PRA-regulated activities or relates to a PRA-authorised person,

it must, unless the firm falls within paragraph 5(e), prepare for the firm's supervision.

4

For sub-paragraph (2) substitute—

2

If the appropriate UK regulator has received a relevant notice, it must, unless the firm falls within paragraph 5(a) or (e), notify the firm of the applicable provisions (if any).

5

Omit sub-paragraph (2A).

6

In sub-paragraph (3)—

a

for “(2)(b)” substitute “(2)”, and

b

for the words from “Authority” to the end substitute “appropriate UK regulator received the relevant notice”.

7

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;