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PART IIU.K.Exercise of Passport Rights by EEA Firms

Changes relating to EEA firmsU.K.

[F1Management] companies, credit institutions and financial institutions: changes to branch detailsU.K.

4.—(1) [F2A] [F3management 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 [F4appropriate UK regulator] and to its home state regulator stating the details of the proposed change;

(b)the [F4appropriate UK regulator] has received from the home state regulator a notice stating those details; and

(c)either the [F4appropriate 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 [F4appropriate 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 [F4appropriate UK regulator] and to its home state regulator, stating the details of the change.

(6) The [F4appropriate UK regulator] must, as soon as practicable after receiving a notice from [F5a] [F6management 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

Commencement Information

I1Reg. 4 in force at 1.12.2001, see reg. 1(1)

[F8Investment firms: changes to branch detailsU.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

[F9Management] companies: changes to servicesU.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 [F12appropriate 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 [F12appropriate UK regulator] and to its home state regulator a notice stating the details of the change.

(4) The [F12appropriate UK regulator] must, as soon as practicable after receiving a notice from an investment firm [F13or 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

Commencement Information

I2Reg. 5 in force at 1.12.2001, see reg. 1(1)

[F15Investment firms: changes to servicesU.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

Insurance firms: changes to branch detailsU.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 [F16appropriate UK regulator] and to its home state regulator stating the details of the proposed change;

(b)the [F16appropriate 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 [F16appropriate 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 [F16appropriate 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 [F16appropriate UK regulator] and to its home state regulator, stating the details of the change.

(6) The [F16appropriate 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

Commencement Information

I3Reg. 6 in force at 1.12.2001, see reg. 1(1)

Insurance firms: changes to servicesU.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 [F18appropriate 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

Commencement Information

I4Reg. 7 in force at 1.12.2001, see reg. 1(1)

[F20EEA AIFM: changes to branch details or servicesU.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

[F21EEA mortgage intermediary: changes to branch details or servicesU.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

F21Reg. 7B inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 9(5) (with Pt. 4)