SCHEDULES

SCHEDULE 4EEA passport rights and treaty rights

PART 4Amendments of Part 13 of FSMA 2000: Powers of intervention

I1I233

1

Section 194A (contravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive) is amended as follows.

2

For “the Authority” or “the Authority's”, in each place, substitute “ the appropriate regulator ” or “the appropriate regulator's”.

3

After subsection (8) insert—

9

Subsection (4) is not to be regarded as requiring the PRA to take action in relation to the contravention of a requirement falling within subsection (3) in a case where it is satisfied that the FCA is required to act, and is acting or has acted, under subsection (4)—

a

in relation to that requirement, or

b

where that requirement is imposed by rules made by the PRA, in relation to an identical requirement imposed by rules made by the FCA.

10

“The appropriate regulator” means—

a

where the relevant EEA firm is a PRA-authorised person, the FCA or, subject to subsection (9), the PRA;

b

in any other case, the FCA.

4

In the heading, for “Authority” substitute “ appropriate regulator ”.