Article 15 Firms qualifying for authorisationI1

United Kingdom

(1)

Paragraph (2) applies if, before the commencement date—

(a)

an EEA firm^f1 satisfied the establishment conditions in paragraph 13^f2 (establishment) of Schedule 3 (EEA passport rights) or the services conditions in paragraph 14^f3(services) of that Schedule;

(b)

the EEA firm had not ceased to qualify for authorisation; and

(c)

the Authority had not given a direction under section 34^f4 (EEA firms) cancelling the EEA firm’s authorisation.

(2)

Subject to section 34(1), the EEA firm is to be treated as qualifying for authorisation under Schedule 3 for the purpose of section 31^f5 (authorised persons).

Annotations

Commencement

I1: Art. 15 in force at 1.4.2013, see art. 1(1)

Footnotes

f1: “EEA firm” is defined by section 425 of, and paragraph 5 of Schedule 3 to, FSMA 2000 an investment firm, a credit institution, a financial institution, certain types of insurance or reinsurance undertaking, an insurance intermediary, a UCITS management company or a person authorised under the emission allowance auctioning regulation. Section 425 was amended by S.I. 2003/2066, 2004/3379, 2006/2975, 2007/126 and 3253, 2012/1906. Paragraph 5 is amended by S.I. 2003/1473 and 2066, 2004/3379, 2006/3221, 2007/126 and 3253, 2011/1613 and 2012/1906
f2: Paragraph 13 was amended by S.I. 2003/1473 and 2066, 20007/126 and 2012/1906 and is further amended by the 2012 Act, Schedule 4, Part 1, paragraph 2.
f3: Paragraph 14 was amended by S.I. 2003/1473 and 2066 and 20007/126 and is further amended by the 2012 Act, Schedule 4, Part 1, paragraph 3.
f4: Section 34 is amended by the 2012 Act, Schedule 4, Part 3, paragraph 27.
f5: Section 31 is amended by the 2012 Act, section 11.