PART IIRECOGNITION IN UK OF EUROPEAN INVESTMENT FIRMS
Effect of non-recognition
Prohibition on carrying on certain listed services7
1
A quasi-European investment firm shall not—
a
provide in the United Kingdom by the provision of services any listed service; or
b
establish a branch in the United Kingdom for the purpose of providing such a service.
2
An investment firm which contravenes paragraph (1) above shall be guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale; but such a contravention shall not invalidate any transaction.
3
In proceedings brought against an investment firm for an offence under paragraph (2) above it shall be a defence for the investment firm to show that it took all reasonable precautions and exercised all due diligence to avoid the commission of the offence.
4
Proceedings in respect of an offence under this regulation shall not be instituted—
a
in England and Wales, except by the Board or by or with the consent of the Secretary of State or the Director of Public Prosecutions; or
b
in Northern Ireland, except by the Board or by or with the consent of the Secretary of State or the Director of Public Prosecutions for Northern Ireland.