SCHEDULES
SCHEDULE 4EEA passport rights and treaty rights
PART 2Amendments of Schedule 4 to FSMA 2000: Treaty rights
I3I722
Schedule 4 to FSMA 2000 (Treaty rights) is amended as follows.
I4I823
1
Paragraph 3 (exercise of Treaty rights) is amended as follows.
2
In sub-paragraph (2), for “Authority” substitute “
appropriate UK regulator
”
.
3
After that sub-paragraph insert—
2A
In sub-paragraph (2) “the appropriate UK regulator” means—
a
where any of the activities to which the notification under that sub-paragraph relates is a PRA-regulated activity, the PRA;
b
in any other case, the FCA.
2B
Where the PRA receives a notification under sub-paragraph (2), it must give a copy to the FCA without delay.
2C
Where the FCA receives a notification under sub-paragraph (2), it must in prescribed cases give a copy to the PRA without delay.
I1I924
After paragraph 3 insert—
Notification between UK regulators
3A
Regulations may require the PRA and the FCA to notify each other about Treaty firms qualifying for authorisation.
I5I1025
1
Paragraph 4 (permission) is amended as follows.
2
In sub-paragraph (3)—
a
for “a Part IV permission” substitute “
a Part 4A permission
”
, and
b
for “Authority” substitute “
appropriate UK regulator
”
.
3
In sub-paragraph (4), for “Authority” substitute “
appropriate UK regulator
”
.
4
After that sub-paragraph insert—
5
The appropriate UK regulator” means—
a
where the Treaty firm is a PRA-authorised person, the FCA or the PRA;
b
in any other case, the FCA.
I6I1126
1
Paragraph 5 (notice to Authority) is amended as follows.
2
In sub-paragraph (2), for “the Authority” substitute “
the appropriate UK regulator
”
.
3
After sub-paragraph (2) insert—
2A
The appropriate UK regulator” means—
a
where any of the activities to which the notice relates is a PRA-regulated activity, the PRA;
b
in any other case, the FCA.
2B
Where the PRA receives a notice under sub-paragraph (2), it must give a copy to the FCA without delay.
2C
Where the FCA receives a notice under sub-paragraph (2) from—
a
a PRA-authorised person, or
b
a person whose immediate group includes a PRA-authorised person,
it must give a copy to the PRA without delay.
4I2
For sub-paragraph (4) substitute—
4
Subsections (1), (4) and (8) of section 55U apply to a notice under sub-paragraph (2) as they apply to an application for a Part 4A permission.
5
In the italic heading immediately before paragraph 5, for “Authority” substitute “
UK regulator
”
.