SCHEDULES

SCHEDULE 4EEA passport rights and treaty rights

PART 2Amendments of Schedule 4 to FSMA 2000: Treaty rights

22

Schedule 4 to FSMA 2000 (Treaty rights) is amended as follows.

23

(1)

Paragraph 3 (exercise of Treaty rights) is amended as follows.

(2)

In sub-paragraph (2), for “Authority” substitute “ appropriate UK regulator ”.

(3)

After that sub-paragraph insert—

“(2A)

In sub-paragraph (2) “the appropriate UK regulator” means—

(a)

where any of the activities to which the notification under that sub-paragraph relates is a PRA-regulated activity, the PRA;

(b)

in any other case, the FCA.

(2B)

Where the PRA receives a notification under sub-paragraph (2), it must give a copy to the FCA without delay.

(2C)

Where the FCA receives a notification under sub-paragraph (2), it must in prescribed cases give a copy to the PRA without delay.”

24

After paragraph 3 insert—

“Notification between UK regulators

3A

Regulations may require the PRA and the FCA to notify each other about Treaty firms qualifying for authorisation.”

25

(1)

Paragraph 4 (permission) is amended as follows.

(2)

In sub-paragraph (3)—

(a)

for “a Part IV permission” substitute “ a Part 4A permission ”, and

(b)

for “Authority” substitute “ appropriate UK regulator ”.

(3)

In sub-paragraph (4), for “Authority” substitute “ appropriate UK regulator ”.

(4)

After that sub-paragraph insert—

“(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.”

26

(1)

Paragraph 5 (notice to Authority) is amended as follows.

(2)

In sub-paragraph (2), for “the Authority” substitute “ the appropriate UK regulator ”.

(3)

After sub-paragraph (2) insert—

“(2A)

The appropriate UK regulator” means—

(a)

where any of the activities to which the notice relates is a PRA-regulated activity, the PRA;

(b)

in any other case, the FCA.

(2B)

Where the PRA receives a notice under sub-paragraph (2), it must give a copy to the FCA without delay.

(2C)

Where the FCA receives a notice under sub-paragraph (2) from—

(a)

a PRA-authorised person, or

(b)

a person whose immediate group includes a PRA-authorised person,

it must give a copy to the PRA without delay.”

(4)

For sub-paragraph (4) substitute—

“(4)

Subsections (1), (4) and (8) of section 55U apply to a notice under sub-paragraph (2) as they apply to an application for a Part 4A permission.”

(5)

In the italic heading immediately before paragraph 5, for “Authority” substitute “ UK regulator ”.