The Investment Services Regulations 1995

4.—(1) Where the firm’s notice under paragraph 2 above states that the firm does not intend to establish a branch in the EEA State, the notice referred to in paragraph 3 above shall be given within the period of one month beginning with the date on which the firm’s notice was received by the Board or, as the case may be, the Bank.

(2) Where the firm’s notice under paragraph 2 above states that the firm intends to establish a branch in the EEA State, the Board or, as the case may be, the Bank shall, within the period of three months beginning with the date on which the firm’s notice was received—

(a) give the notice referred to in paragraph 3 above; or

(b) refuse to give such a notice.

(3) The Board or, as the case may be, the Bank may not refuse to give such a notice unless, having regard to the listed services proposed to be provided, the Board or, as the case may be, the Bank doubts the adequacy of the administrative structure or the financial situation of the firm.

(4) Before determining to give or to refuse to give such a notice, the Board or, as the case may be, the Bank—

(a) shall seek and take into account the views of every other authority which it knows is a connected UK authority in relation to any of the listed services proposed to be provided; and

(b) may regard itself as satisfied in relation to any matter relating to those services which is relevant to the decision if any such authority informs the Board or, as the case may be, the Bank that it is so satisfied.

(5) In reaching a determination as to the adequacy of the administrative structure, the Board or, as the case may be, the Bank may have regard to the adequacy of management, systems and controls and the presence of relevant skills needed for the services proposed to be provided.

(6) Where the firm’s notice under paragraph 2 above states that the firm proposes to establish a branch, the Board or, as the case may be, the Bank, shall, within the period of three months referred to in sub-paragraph (2) above, notify the firm—

(a) that it has given the notice referred to in paragraph 3 above, stating the date on which it did so; or

(b) that it has refused to give the notice, stating the reasons for the refusal and giving particulars of the right to refer the case to the Financial Services Tribunal under section 97 of the Financial Services Act or, as the case may be, of any relevant arrangements made by the Bank for a review of its decision.