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56.—(1) The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 M1 are amended as follows.
(2) In regulation 2 (establishment of a branch: contents of consent notice)—
(a)in paragraph (3)—
(i)in sub-paragraph (c), for “Section 1 of Chapter 2 of Title V to the banking consolidation directive” substitute “ Article 4(1)(118) of the capital requirements regulation ”;
(ii)for sub-paragraph (d) M2 substitute—
“(d)the own funds requirements under Article 92 of the capital requirements regulation of that institution.”;
(b)in paragraph (4) M3—
(i)in sub-paragraph (c), for “Section 1 of Chapter 2 of Title V to the banking consolidation directive” substitute “ Article 4(1)(118) of the capital requirements regulation ”;
(ii)for sub-paragraph (d) substitute—
“(d)the own funds requirements under Article 92 of the capital requirements regulation of the firm's parent undertaking.”.
(3) For regulation 2A(2) M4 (prescribed cases: establishment) substitute—
“(2) The case is the receipt by the FCA of a consent notice in respect of an investment firm to which the obligation in Article 28(2) of the capital requirements directive applies, where the investment firm intends to provide services or activities in the United Kingdom which consist of or include dealing on its own account.”.
(4) In regulation 11(1) (UK management companies, credit institutions and financial institutions: changes to branch details) M5 for “banking consolidation directive” substitute “ capital requirements directive ”.
Marginal Citations
M2Sub-paragraph (d) was amended by S.I. 2002/765, 2011/99 and 2006/3221.
M3Paragraph (4) was amended by S.I.2002/765, S.I. 2006/3221 and S.I. 2001/99.
M4Regulation 2A was inserted by S.I. 2013/439.
M5Regulation 11(1) was amended by S.I. 2003/2066 and S.I. 2006/3385.