The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2013

• Citation: S.I. 2013/439
• Sections: 2

Section 1 Citation and commencement

These Regulations may be cited as the Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2013 and come into force on 1st April 2013.

Section 2 Amendments to the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations

(1) The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 are amended as follows.

(2) After regulation 2 (establishment of a branch: contents of consent notice), insert—

Prescribed cases: establishment

(2A)

(1) The case in paragraph (2) is prescribed for the purposes of paragraph 13(1C) of Schedule 3 to the Act (establishment).

(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 9 of Directive 2006/49/ EC of the European Parliament and of the Council on the capital adequacy of investment firms and credit institutions (investment firms which are required to have initial capital of EUR 730,000) 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.

(3) After regulation 3 (provision of services: contents of regulator’s notice), insert—

Notice of qualification for authorisation

(3A) The appropriate UK regulator must notify the other regulator when an EEA firm qualifies for authorisation where—

(a) the PRA is the appropriate UK regulator;

(b) the FCA is the appropriate UK regulator and the EEA firm intends to carry on a PRA-regulated activity in the United Kingdom.

(4) After regulation 19, insert—

TREATY FIRMS

Notice of qualification for authorisation

(19A) The appropriate UK regulator must notify the other regulator when a Treaty firm qualifies for authorisation where—

(a) the PRA is the appropriate UK regulator;

(b) the FCA is the appropriate UK regulator and the EEA firm intends to carry on a PRA-regulated activity in the United Kingdom.