The Financial Services and Markets Act 2000 ( EEA Passport Rights) Regulations 2001

Changes relating to EEA firms U.K.

[F1 Management] companies, credit institutions and financial institutions: changes to branch details U.K.

4.—(1)  [F2 A] [F3 management company], credit institution or financial institution which has established a branch in the United Kingdom in exercise of an EEA right must not make a change in the requisite details of the branch, unless the relevant requirements have been complied with.

(2) Where the relevant requirements have been complied with, the firm’s permission is to be treated as varied accordingly.

(3) For the purposes of this regulation, the “relevant requirements” are those of paragraph (4) or (if the change is occasioned by circumstances beyond the firm’s control) paragraph (5).

(4) The requirements of this paragraph are that—

(a) the firm has given a notice to the [F4 appropriate UK regulator] and to its home state regulator stating the details of the proposed change;

(b) the [F4 appropriate UK regulator] has received from the home state regulator a notice stating those details; and

(c) either the [F4 appropriate UK regulator] has informed the firm that it may make the change, or the period of one month beginning with the day on which the firm gave the [F4 appropriate UK regulator] the notice mentioned in sub-paragraph (a) has elapsed.

(5) The requirements of this paragraph are that the firm has as soon as practicable (whether before or after the change) given a notice to the [F4 appropriate UK regulator] and to its home state regulator, stating the details of the change.

(6) The [F4 appropriate UK regulator] must, as soon as practicable after receiving a notice from [F5 a] [F6 management company], credit institution or financial institution under this regulation, inform the firm of any consequential changes in the applicable provisions (within the meaning of paragraph 13 of Schedule 3).

[F7 (7) In this regulation, “the appropriate UK regulator” has the same meaning as in paragraph 13 of Schedule 3.]

Textual Amendments

F1 Word in reg. 4 heading substituted (1.11.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2), 6(a) (with reg. 15)

F2 Word in reg. 4(1) substituted (1.11.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2), 6(b) (with reg. 15)

F3 Words in reg. 4(1) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 3(2)(c)(ii)

F4 Words in reg. 4 substituted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(c)(i)

F5 Word in reg. 4(6) substituted (1.11.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2), 6(c) (with reg. 15)

F6 Words in reg. 4(6) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 3(2)(c)(ii)

F7 Reg. 4(7) inserted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(c)(ii)

Commencement Information

I1 Reg. 4 in force at 1.12.2001, see reg. 1(1)

[F8 Investment firms: changes to branch details U.K.

4A.— (1) An investment firm which has established a branch in the United Kingdom in exercise of an EEA right must not—

(a) make a change in the requisite details of the branch,

(b) use, for the first time, any tied agent established in the United Kingdom, or

(c) cease to use tied agents established in the United Kingdom,

unless the requirements of paragraph (3) have been complied with.

(2) Where those requirements have been complied with, the firm’s permission is to be treated as varied accordingly.

(3) The requirements are that—

(a) the firm has given a notice to its home state regulator stating the details of the proposed change, and

(b) the period of one month beginning with the day on which the firm gave the notice has elapsed.

(4) Paragraph (1) does not apply to a change occasioned by circumstances beyond the firm’s control.]

Textual Amendments

F8 Reg. 4A inserted (1.11.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2), 7 (with reg. 15)

[F9 Management] companies: changes to services U.K.

5.—F10 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F11 (1A) A management company which is providing services in the United Kingdom in the exercise of an EEA right must not make a change in any of the matters referred to in regulation 3(2A)(b), unless the relevant requirements have been complied with.]

(2) Where the relevant requirements have been complied with, the firm’s permission is to be treated as varied accordingly.

(3) For the purposes of this regulation, the “relevant requirements” are that—

(a) the firm has given a notice to the [F12 appropriate UK regulator] and to its home state regulator stating the details of the proposed change; or

(b) if the change is occasioned by circumstances beyond the firm’s control, it has as soon as practicable (whether before or after the change) given to the [F12 appropriate UK regulator] and to its home state regulator a notice stating the details of the change.

(4) The [F12 appropriate UK regulator] must, as soon as practicable after receiving a notice from an investment firm [F13 or a management company] under this regulation, inform the firm of any consequential changes in the applicable provisions (within the meaning of paragraph 14 of Schedule 3).

[F14 (5) In this regulation, “the appropriate UK regulator” has the same meaning as in paragraph 14 of Schedule 3.]

Textual Amendments

F9 Word in reg. 5 heading substituted (1.11.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2), 8(a) (with reg. 15)

F10 Reg. 5(1) omitted (1.11.2007) by virtue of The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2), 8(b) (with reg. 15)

F11 Reg. 5(1A) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 3(2)(d)(ii)

F12 Words in reg. 5 substituted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(d)(i)

F13 Words in reg. 5(4) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 3(2)(d)(iii)

F14 Reg. 5(5) inserted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(d)(ii)

Commencement Information

I2 Reg. 5 in force at 1.12.2001, see reg. 1(1)

[F15 Investment firms: changes to services U.K.

5A.— (1) An investment firm which is providing services in the United Kingdom in exercise of an EEA right must not—

(a) make a change in any of the matters referred to in regulation 3(2)(b),

(b) use, for the first time, any tied agent to provide services in the United Kingdom, or

(c) cease to use tied agents to provide services in the United Kingdom,

unless the requirements of paragraph (3) have been complied with.

(2) Where those requirements have been complied with, the firm’s permission is to be treated as varied accordingly.

(3) The requirements are that—

(a) the firm has given a notice to its home state regulator stating the details of the proposed change, and

(b) the period of one month beginning with the day on which the firm gave the notice has elapsed.

(4) Paragraph (1) does not apply to a change occasioned by circumstances beyond the firm’s control.]

Textual Amendments

F15 Reg. 5A inserted (1.11.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2), 9 (with reg. 15)

Insurance firms: changes to branch details U.K.

6.—(1) An insurance firm which has established a branch in the United Kingdom in exercise of an EEA right must not make a change in any of the details referred to in regulation 2(5)(a) to (c) with respect to the branch, unless the relevant requirements have been complied with.

(2) Where the relevant requirements have been complied with, the firm’s permission is to be treated as varied accordingly.

(3) For the purposes of this regulation, the relevant requirements are those of paragraph (4) or (if the change is occasioned by circumstances beyond the firm’s control) paragraph (5).

(4) The requirements of this paragraph are that—

(a) the firm has given a notice to the [F16 appropriate UK regulator] and to its home state regulator stating the details of the proposed change;

(b) the [F16 appropriate UK regulator] has received from the home state regulator a notice stating that it has approved the proposed change;

(c) the period of one month beginning with the day on which the firm gave the [F16 appropriate UK regulator] the notice mentioned in sub-paragraph (a) has elapsed; and

(d) either—

(i) a further period of one month has elapsed; or

(ii) the [F16 appropriate UK regulator] has informed the home state regulator of any consequential changes in the applicable provisions (within the meaning of paragraph 13 of Schedule 3).

(5) The requirements of this paragraph are that the firm has as soon as practicable (whether before or after the change) given a notice to the [F16 appropriate UK regulator] and to its home state regulator, stating the details of the change.

(6) The [F16 appropriate UK regulator] must, as soon as practicable—

(a) acknowledge receipt of the documents sent under paragraph (4) or (5); and

(b) in the case of a notice under paragraph (5), inform the firm’s home state regulator of any consequential changes in the applicable provisions (within the meaning of paragraph 13 of Schedule 3).

[F17 (7) In this regulation, “the appropriate UK regulator” has the same meaning as in paragraph 13 of Schedule 3.]

Textual Amendments

F16 Words in reg. 6 substituted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(e)(i)

F17 Reg. 6(7) inserted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(e)(ii)

Commencement Information

I3 Reg. 6 in force at 1.12.2001, see reg. 1(1)

Insurance firms: changes to services U.K.

7.—(1) An insurance firm which is providing services in the United Kingdom in exercise of an EEA right must not make a change in any of the matters referred to in regulation 3(3)(b), (c) or (d), unless the relevant requirements have been complied with.

(2) Where the relevant requirements have been complied with, the firm’s permission is to be treated as varied accordingly.

(3) For the purposes of this regulation, the “relevant requirements” are those of paragraph (4) or (if the change is occasioned by circumstances beyond the firm’s control) paragraph (5).

(4) The requirements of this paragraph are that—

(a) the firm has given a notice to its home state regulator stating the details of the proposed change; and

(b) the home state regulator has passed to the [F18 appropriate UK regulator] the information contained in that notice.

(5) The requirements of this paragraph are that the firm has as soon as practicable (whether before or after the change) given to its home state regulator a notice stating the details of the change.

[F19 (6) In this regulation, “the appropriate UK regulator” has the same meaning as in paragraph 14 of Schedule 3.]

Textual Amendments

F18 Words in reg. 7(4)(b) substituted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(f)(i)

F19 Reg. 7(6) inserted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(f)(ii)

Commencement Information

I4 Reg. 7 in force at 1.12.2001, see reg. 1(1)

[F20 EEA AIFM: changes to branch details or services U.K.

7A.— (1) An EEA AIFM which is exercising an EEA right in the United Kingdom deriving from the alternative investment fund managers directive must not make a material change to any of the matters referred to in regulation 2(6)(b) to (e) or 3(5)(b) or (c) unless the relevant requirement has been complied with.

(2) Where the relevant requirement has been complied with, the EEA AIFM's permission is to be treated as varied accordingly.

(3) For the purposes of this regulation, the “relevant requirement” is that the home state regulator has informed the appropriate UK regulator that it has approved the proposed change.

(4) In this regulation “the appropriate UK regulator” has the same meaning as in paragraph 14 of Schedule 3.]

Textual Amendments

F20 Reg. 7A inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 14(4)

[F21 EEA mortgage intermediary: changes to branch details or services U.K.

7B.— (1) An EEA mortgage intermediary which is exercising an EEA right in the United Kingdom deriving from the mortgages directive must not make a material change to any of the matters referred to in regulation 2(8)(b) to (e) or regulation 3(6)(b) to (e) unless the relevant requirements have been complied with.

(2) Where the relevant requirements have been complied with, the mortgage intermediary's permission is to be treated as varied accordingly.

(3) For the purposes of this regulation, the “relevant requirements” are those of paragraph (4) or (if the change is occasioned by circumstances beyond the mortgage intermediary's control) paragraph (5).

(4) The requirements of this paragraph are that—

(a) the mortgage intermediary has given a notice to the appropriate UK regulator and to its home state regulator stating the details of the proposed change; and

(b) either the appropriate UK regulator has informed the mortgage intermediary that it may make the change, or the period of one month beginning with the day on which the mortgage intermediary gave the appropriate UK regulator the notice mentioned in sub-paragraph (a) has elapsed.

(5) The requirements of this paragraph are that the mortgage intermediary has as soon as practicable (whether before or after the change) given a notice to the appropriate UK regulator and to its home state regulator, stating the details of the change.

(6) The appropriate UK regulator must, as soon as practicable after receiving a notice from a mortgage intermediary under this regulation, inform the mortgage intermediary of any consequential changes in the applicable provisions (within the meaning of paragraph 13 or, as the case may be, paragraph 14 of Schedule 3).

(7) In this regulation “the appropriate UK regulator” has the same meaning as in paragraph 14 of Schedule 3.]

Textual Amendments

F21 Reg. 7B inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 9(5) (with Pt. 4)

[F22 Insurance intermediary: changes to branch details or services U.K.

7C.— (1) An EEA firm which is exercising an EEA right in the United Kingdom deriving from the insurance distribution directive must not make a material change to any of the matters referred to in regulation 2(9) or regulation 3(4) as the case may be unless the relevant requirements have been complied with.

(2) Where the relevant requirements have been complied with, the insurance intermediary’s permission is to be treated as varied accordingly.

(3) For the purposes of this regulation, the “relevant requirements” are those in paragraph (4).

(4) The requirements of this paragraph are that—

(a) the firm has given a notice to its home state regulator stating the details of the proposed change; and

(b) the period of one month beginning with the day on which the firm gave notice has elapsed.]

Textual Amendments

F22 Reg. 7C inserted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 22(4)