Exercise of passport rights by UK firmsU.K.
Valid from 27/02/2013
9U.K.In Part 3 (exercise of passport rights by UK firms), before the italic heading before paragraph 19 insert—
“Meaning of “the appropriate UK regulator”U.K.
18AIn this Part of this Schedule “the appropriate UK regulator” means—
(a)where the UK firm is a PRA-authorised person, the PRA;
(b)in any other case, the FCA.”
Valid from 27/02/2013
10(1)Paragraph 19 (establishment) is amended as follows.U.K.
(2)For “Authority”, in each place, substitute “ appropriate UK regulator ”.
(3)After sub-paragraph (7B) insert—
“(7C)Where the PRA is the appropriate UK regulator, it must consult the FCA before deciding whether to give a consent notice, except where sub-paragraph (7A) applies.
(7D)Where the FCA is the appropriate UK regulator, it must consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.”
Valid from 27/02/2013
11(1)Paragraph 20 (services) is amended as follows.U.K.
(2)For “Authority”, in each place, substitute “ appropriate UK regulator ”.
(3)After sub-paragraph (3A) insert—
“(3AA)Where the PRA is the appropriate UK regulator, it must consult the FCA before deciding whether to give a consent notice.
(3AB)Where the FCA is the appropriate UK regulator, it must consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.”
Valid from 27/02/2013
12U.K.In paragraph 20ZA (information for host state regulator), for “Authority”, in each place, substitute “ appropriate UK regulator ”.
Valid from 27/02/2013
13U.K.In paragraph 20B (notice of intention to market), for “Authority”, in each place, substitute “ appropriate UK regulator ”.
Valid from 27/02/2013
14U.K.In paragraph 22 (continuing regulation of UK firms), in sub-paragraph (3)—
(a)for “the Authority's consent” substitute “ the consent of the FCA or the PRA ”, and
(b)in paragraph (b), for “the Authority” substitute “ the FCA or the PRA ”.
Valid from 27/02/2013
15(1)Paragraph 23 (power to impose requirements) is amended as follows.U.K.
(2)For “the Authority”, in each place, substitute “ the FCA ”.
(3)In sub-paragraph (1)(a), for “Part IV permission” substitute “ Part 4A permission ”.
(4)In sub-paragraphs (2) and (2A), for “section 45” substitute “ section 55L or 55M ”.
(5)After sub-paragraph (2A) insert—
“(2B)This paragraph does not affect any duty of the FCA to consult the PRA before exercising its power under section 55L or 55M.”
Valid from 27/02/2013
16(1)Paragraph 24 (which relates to UK firms exercising rights under the banking consolidation directive) is amended as follows.U.K.
(2)In sub-paragraph (1)(a), for “Part IV permission” substitute “ Part 4A permission ”.
(3)In sub-paragraph (2)—
(a)for “the Authority”, in the first place, substitute “ either regulator ”,
(b)in paragraph (a), for “Part IV permission” substitute “ Part 4A permission ”, and
(c)in paragraph (b), for “the Authority” substitute “ that regulator ”.
17U.K.After paragraph 24 insert—
“Arrangements between FCA and PRAU.K.
24A(1)The regulators may make arrangements about—
(a)how they will consult each other when required to do so by paragraph 19(7C) or (7D) or 20(3AA) or (3AB) or by regulations under paragraph 22;
(b)how each of them will act in response to any advice or representations received from the other.
(2)The arrangements may require one regulator to obtain the consent of the other in specified circumstances before—
(a)giving a consent notice under paragraph 19 or 20, or
(b)exercising specified functions under regulations under paragraph 22.
(3)The arrangements must be in writing, and must specify—
(a)the EEA rights to which they relate, and
(b)the date on which they come into force.
(4)Where arrangements are in force under this paragraph, the regulators must exercise functions in accordance with the arrangements.
(5)The regulators must publish any arrangements under this paragraph in such manner as they think fit.”
Commencement Information
I1Sch. 4 para. 17 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3
Valid from 27/02/2013
18U.K.In paragraph 25 (information to be included in the public record) for “Authority” substitute “ FCA ”.
Valid from 27/02/2013
19U.K.In paragraph 26 (UK management companies: delegation of functions), for “Authority”, in each place, substitute “ appropriate UK regulator ”.
Valid from 27/02/2013
20U.K.In paragraph 27 (UK management companies: withdrawal of authorisation), for “Authority”, in each place, substitute “ appropriate UK regulator ”.
Valid from 27/02/2013
21U.K.In paragraph 28 (management companies: request for information), for “Authority”, in each place, substitute “ appropriate UK regulator ”.