Statutory Instruments
2013 No. 439
Financial Services And Markets
The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2013
Made
27th February 2013
Laid before Parliament
1st March 2013
Coming into force
1st April 2013
The Treasury make the following Regulations in exercise of the powers conferred by paragraphs 13(1C) and 17(za) of Schedule 3, and paragraph 3A of Schedule 4, to the Financial Services and Markets Act 2000( 1 ).
Citation and commencement
1. 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.
Amendments to the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations
2. —(1)The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001( 2 ) 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 ( 3 ) (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 ( 4 ) 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—
“ PART 3A TREATY FIRMS
Notice of qualification for authorisation
19A. The appropriate UK regulator ( 5 ) 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. ” .
Desmond Swayne
David Evennett
Two of the Lords Commissioners of Her Majesty’s Treasury
27th February 2013
2000 c.8 (“FSMA 2000”). Paragraph 13(1C) of Schedule 3 was inserted by the Financial Services Act 2012 (c.21) (“the 2012 Act”), Schedule 4, Part 1, paragraph 2; paragraph 17(za) of Schedule 3 was inserted by the 2012 Act, Schedule 4, Part 1, paragraph 7; and paragraph 3A of Schedule 4 was inserted by the 2012 Act, Schedule 4, Part 2, paragraph 24. Paragraphs 13(1C) refers to “prescribed cases”; section 417 of FSMA 2000 defines “prescribed” as meaning prescribed in regulations made by the Treasury; section 428 of FSMA 2000 provides that a power to make regulations under that Act is exercisable by statutory instrument.
S.I. 2001/2511 . There are amending instruments but none is relevant.
OJ L 177, 30.6.2006, p.201.
Paragraph 13(4) of Schedule 3, as amended by the 2012 Act, Schedule 4, Part 1, paragraph 2, defines “the appropriate UK regulator” as whichever of the FCA and the PRA is the competent authority for the purposes of the relevant single market directive.
Paragraph 3(2A) of Schedule 4, as amended by the 2012 Act, Schedule 4, Part 2, paragraph 23, defines “the appropriate UK regulator” as the PRA, where any of the activities to which a notification under paragraph 3(2) relates is a PRA-regulated activity, and the FCA in any other case.