Regulation 5 Management companies: changes to servicesF6I1
United Kingdom
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A management company which is providing services in the United Kingdom in the exercise of an EEA right must not make a change in any of the matters referred to in regulation 3(2A)(b), unless the relevant requirements have been complied with.
Where the relevant requirements have been complied with, the firm’s permission is to be treated as varied accordingly.
For the purposes of this regulation, the “relevant requirements” are that—
the firm has given a notice to the F3appropriate UK regulator and to its home state regulator stating the details of the proposed change; or
if the change is occasioned by circumstances beyond the firm’s control, it has as soon as practicable (whether before or after the change) given to the appropriate UK regulator and to its home state regulator a notice stating the details of the change.
The appropriate UK regulator must, as soon as practicable after receiving a notice from an investment firm F4or a management company under this regulation, inform the firm of any consequential changes in the applicable provisions (within the meaning of paragraph 14 of Schedule 3).
In this regulation, “the appropriate UK regulator” has the same meaning as in paragraph 14 of Schedule 3.
Annotations
Textual amendments
- F1
Reg. 5(1) omitted (1.11.2007) by virtue of The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2), 8(b) (with reg. 15)
- F2
Reg. 5(1A) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 3(2)(d)(ii)
- F3
Words in reg. 5 substituted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(d)(i)
- F4
Words in reg. 5(4) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 3(2)(d)(iii)
- F5
Reg. 5(5) inserted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(d)(ii)
- F6
Word in reg. 5 heading substituted (1.11.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2), 8(a) (with reg. 15)