Regulation 13 Amendment of the principal Regulations

After regulation 12 insert—

“UK investment firms: changes to services

12A.

(1)

A UK investment firm which is providing services in a particular EEA State in exercise of an EEA right deriving from the markets in financial instruments directive must not—

(a)

make a change in the programme of operations, or the EEA activities, to be carried on in exercise of that right,

(b)

use, for the first time, any tied agent to provide services in the territory of that State, or

(c)

cease to use tied agents to provide services in the territory of that State,

unless the requirements of paragraph (2) have been complied with.

(2)

The requirements are that—

(a)

the firm has given a notice to the Authority stating the details of the proposed change, and

(b)

the period of one month beginning with the day on which the firm gave the notice has elapsed.

(3)

The Authority must, as soon as reasonably practicable after receiving a notice under paragraph (2), inform the host state regulator of the proposed change.

(4)

Paragraph (1) does not apply to a change occasioned by circumstances beyond the firm’s control.”.