The Investment Services Regulations 1995

Regulation 3(3).

SCHEDULE 3 REQUIREMENTS AS RESPECTS EUROPEAN INVESTMENT FIRMS

Requirements for providing services etc.

1.—(1) In relation to the provision by the provision of services of any listed service, the requirements of this paragraph are—

(a) that the firm has given to the relevant supervisory authority in its home State a notice in accordance with paragraph 2 below; and

(b) that the Board, or, in the case of a listed firm, the Bank, has received from that authority a notice in accordance with paragraph 3 below.

(2) In relation to the establishment of a branch, the requirements of this paragraph are—

(a) that the firm has given to the relevant supervisory authority in its home State a notice in accordance with paragraph 2 below;

(b) that the Board, or, in the case of a listed firm, the Bank, has received from that authority a notice in accordance with paragraph 3 below; and

(c) that either—

(i) the Board or, as the case may be, the Bank has informed the firm that it may establish the branch; or

(ii) the period of two months beginning with the day on which the Board or, as the case may be, the Bank, received the notice mentioned in paragraph (b) above has elapsed.

2.  A notice given by a firm to the relevant supervisory authority in its home State is given in accordance with this paragraph if it states—

(a) the United Kingdom to be an EEA State in which the firm proposes to provide listed services;

(b) whether the firm intends to establish a branch in the United Kingdom; and

(c) the requisite details.

3.—(1) A notice given in respect of a European investment firm or quasi-European investment firm by the relevant supervisory authority in its home State is in accordance with this paragraph if it—

(a) certifies that the firm is an investment firm which is for the time being authorised to act as such a firm by the authority;

(b) contains the information stated in the firm’s notice; and

(c) if the firm intends to establish a branch in the United Kingdom, contains details of any compensation scheme which is intended to protect the branch’s investors.

(2) The Board or, as the case may be, the Bank shall as soon as practicable send a copy of any notice received by it in accordance with this paragraph, and a note of the date of its receipt, to every other authority which it knows is a connected UK authority.

Requirements for changing requisite details where services are provided

4.—(1) Subject to sub-paragraph (2) below, the requirements of this paragraph are that the firm has given a notice to the Board, or, in the case of a listed firm, to the Bank, and to the relevant supervisory authority in its home State, stating the details of the proposed change.

(2) In the case of a change occasioned by circumstances beyond the firm’s control, the requirements of this paragraph are that the firm has, as soon as practicable (whether before or after the change), given a notice to the Board or, as the case may be to the Bank, and to the relevant supervisory authority in its home State, stating the details of the change.

(3) The Board or, as the case may be, the Bank shall as soon as practicable send a copy of any notice received by it in accordance with this paragraph, and a note of the date of its receipt, to every other authority which it knows is a connected UK authority.

Requirements for changing requisite details of branch

5.—(1) Subject to sub-paragraph (2) below, the requirements of this paragraph are—

(a) that the firm has given a notice to the Board or, in the case of a listed firm, to the Bank, and to the relevant supervisory authority in its home State, stating the details of the proposed change;

(b) that the Board or, as the case may be, the Bank has received from that authority a notice stating those details; and

(c) that either the Board or, as the case may be, the Bank has informed the firm that it may make the change, or the period of one month beginning with the day on which it gave the Board or, as the case may be, the Bank the notice mentioned in paragraph (a) above has elapsed.

(2) In the case of a change occasioned by circumstances beyond the firm’s control, the requirements of this paragraph are that the firm has, as soon as practicable (whether before or after the change), given a notice to the Board or, as the case may be to the Bank, and to the relevant supervisory authority in its home State, stating the details of the change.

(3) The Board or, as the case may be, the Bank shall as soon as practicable send a copy of any notice received by it in accordance with this paragraph, and a note of the date of its receipt, to every other authority which it knows is a connected UK authority.

Meaning of “listed firm”

6.  In this Schedule, references to a “listed firm” are references to a European investment firm which is admitted, or is seeking admission, to the list maintained by the Bank for the purposes of section 43 of the Financial Services Act and is not carrying on, or proposing to carry on home-regulated investment business in the United Kingdom otherwise than by means of transactions or arrangements to which Schedule 5 to that Act applies.