Paragraph 2
United Kingdom
An EC company shall not change the requisite details of a branch—
which has been established by it in the United Kingdom; and
through which it carries on direct insurance business,
unless the requirements of this paragraph have been complied with in relation to its making of the change.
Subject to sub-paragraph (3) below, the requirements of this paragraph are—
that the company has given a notice to the F1Treasury, and to the supervisory authority in its home State, stating the details of the proposed change not less than one month before the change is to take place;
that the TreasuryF2have received from that authority a notice stating that it has approved the proposed change; and
that either—
the TreasuryF3have informed that authority of any consequential changes in the conditions which, in the interest of the general good, must be complied with by the company in carrying on insurance business through the branch; or
the period of two months beginning with the day on which the company gave the Treasury the notice under paragraph (a) above has elapsed.
In the case of a change occasioned by circumstances beyond the company’s control, the requirements of this paragraph are that the company shall as soon as practicable (whether before or after the change) give a notice to the Treasury, and to the supervisory authority in its home State, stating the details of the change.
The Treasury shall as soon as practicable—
acknowledge receipt of the documents sent under sub-paragraph (2) or (3) above;
send a copy of those documents, and a note of the date of their receipt, to every other authority which F4they know is a connected UK authority; and
in the case of a notice under sub-paragraph (3) above, inform the supervisory authority in the home State of any consequential changes in the conditions which, in the interest of the general good, must be complied with by the company in carrying on insurance business through the branch.
Annotations
Textual amendments
- F1
Word in Sch. 2F para. 2 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 72 (with art. 7)
- F2
Word in Sch. 2F para. 2(2)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 74(a)(i) (with art. 7)
- F3
Word in Sch. 2F para. 2(2)(c)(i) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 74(a)(ii) (with art. 7)
- F4
Words in Sch. 2F para. 2(4)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 74(b) (with art. 7)
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)
Notes on Schedule 2F]
Textual amendments
- F1
Sch. 2F inserted (1.7.1994) by S.I. 1994/1696, reg. 45(2), Sch. 6
Modifications
- C1
Sch. 2F: Power to contract out certain functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 60