SCHEDULES

SCHEDULE 4U.K.EEA passport rights and treaty rights

PART 2 U.K.Amendments of Schedule 4 to FSMA 2000: Treaty rights

22U.K.Schedule 4 to FSMA 2000 (Treaty rights) is amended as follows.

23(1)Paragraph 3 (exercise of Treaty rights) is amended as follows.U.K.

(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.”

24U.K.After paragraph 3 insert—

“Notification between UK regulatorsU.K.

3ARegulations may require the PRA and the FCA to notify each other about Treaty firms qualifying for authorisation.”

25(1)Paragraph 4 (permission) is amended as follows.U.K.

(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.”

26(1)Paragraph 5 (notice to Authority) is amended as follows.U.K.

(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.”

(4)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 ”.