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The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006
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- UK Statutory Instruments
- 2006 No. 3385
- Regulation 11
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Amendment of the principal Regulations
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11. After regulation 11 insert—
“UK investment firms: changes to branch details
11A.—(1) A UK investment firm which has exercised an EEA right deriving from the markets in financial instruments directive to establish a branch 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 EEA State in which the branch is established, or
(c)cease to use tied agents established in the EEA State in which the branch is established,
unless the requirements of paragraph (2) have been complied with.
(2) The requirements are that—
(a)the firm has given a notice to the Authority 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.
(3) The Authority must, as soon as reasonably practicable after receiving a notice under paragraph (2), inform the host state regulator of the proposed change.
(4) Paragraph (1) does not apply to a change occasioned by circumstances beyond the firm’s control.”.
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