Part 1 Amendments of Schedule 3 to FSMA 2000: EEA Passport Rights
Financial Services Act 2012 (2012 c 21) | Legislation

SCHEDULE 4 EEA Passport Rights and Treaty Rights

Section 12

Part 1 Amendments of Schedule 3 to FSMA 2000: EEA Passport Rights

Introductory

1

Schedule 3 to FSMA 2000 (EEA passport rights) is amended as follows.

Exercise of passport rights by EEA firms

2

(1)     Paragraph 13 (establishment) is amended as follows.

(2)     In sub-paragraphs (1) and (1A), for “Authorityâ€, in each place, substitute “appropriate UK regulatorâ€.

(3)     After sub-paragraph (1A) insert—

“(1B)     Where the PRA receives a consent notice, it must give a copy to the FCA without delay.

(1C)     Where the FCA receives a consent notice it must in prescribed cases give a copy to the PRA without delay.

(1D)     In a case where the FCA is the appropriate UK regulator, the consent of the PRA is required for any notice by the FCA for the purposes of sub-paragraph (1)(ba) which relates to—

(a)     a PRA-regulated activity,

(b)     a PRA-authorised person, or

(c)     a person whose immediate group includes a PRA-authorised person.

(1E)     If the FCA—

(a)     receives a consent notice, or

(b)     receives under sub-paragraph (1B) a copy of a consent notice,

it must prepare for the firm's supervision.

(1F)     If the PRA—

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