Paragraph 56 Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001

(1)

The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 M1 are amended as follows.

(2)

In regulation 2 (establishment of a branch: contents of consent notice)—

(a)

in paragraph (3)—

(i)

in sub-paragraph (c), for “Section 1 of Chapter 2 of Title V to the banking consolidation directive” substitute “ Article 4(1)(118) of the capital requirements regulation ”;

(ii)

for sub-paragraph (d) M2 substitute—

“(d)
the own funds requirements under Article 92 of the capital requirements regulation of that institution.”;

(b)

in paragraph (4) M3—

(i)

in sub-paragraph (c), for “Section 1 of Chapter 2 of Title V to the banking consolidation directive” substitute “ Article 4(1)(118) of the capital requirements regulation ”;

(ii)

for sub-paragraph (d) substitute—

“(d)
the own funds requirements under Article 92 of the capital requirements regulation of the firm's parent undertaking.”.

(3)

For regulation 2A(2) M4 (prescribed cases: establishment) substitute—

“(2)
The case is the receipt by the FCA of a consent notice in respect of an investment firm to which the obligation in Article 28(2) of the capital requirements directive applies, where the investment firm intends to provide services or activities in the United Kingdom which consist of or include dealing on its own account.”.

(4)

In regulation 11(1) (UK management companies, credit institutions and financial institutions: changes to branch details) M5 for “banking consolidation directive” substitute “ capital requirements directive ”.

Annotations

Marginal citations

M1: S.I. 2001/2511.
M2: Sub-paragraph (d) was amended by S.I. 2002/765, 2011/99 and 2006/3221.
M3: Paragraph (4) was amended by S.I.2002/765, S.I. 2006/3221 and S.I. 2001/99.
M4: Regulation 2A was inserted by S.I. 2013/439.
M5: Regulation 11(1) was amended by S.I. 2003/2066 and S.I. 2006/3385.

Notes on the whole SI

Textual amendments

F1: 2000 c. 8. Section 349(2) was amended by section 41 of, and paragraphs 19(1) and (2) of Schedule 12 to, the Financial Services Act 2012 (c. 21); paragraphs 14(1)(b), 17(c), 18 and 22 of Schedule 3 were amended by section 12 of, and paragraphs 1, 3, 7, 8 and 14 of Schedule 4 to, the Financial Services Act 2012; paragraph 14(1)(b) was also amended by S.I. 2003/1473 and S.I. 2003/2066.