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SUP 13.2 Introduction

SUP 13.2.1GRP

This chapter gives guidance to UK firms. In most cases UK firms will be authorised persons under the Act. However, under the CRD2, a subsidiary of a firm which is a credit institution which meets the criteria set out in that Directive also has an EEA right. Such an unauthorised subsidiary is known as a financial institution. References in this chapter to a UK firm include a financial institution.

SUP 13.2.2GRP

A UK firm should be aware that the guidance is the FSA's interpretation of the Single Market Directives, the Act and the legislation made under the Act. The guidance is not exhaustive and is not a substitute for firms consulting the legislation or taking their own legal advice in the United Kingdom and in the relevant EEA States.

SUP 13.2.3GRP

In some circumstances, a UK firm that is carrying on business which is outside the scope of the Single Market Directives has a right under the Treaty to carry on that business. For example, for1 an insurer carrying on both direct insurance and reinsurance business, the authorisation7of reinsurance business 1is not covered by the Insurance Directives . The firm 1may, however, have rights under the Treaty in respect of its reinsurance1 business. Such UK firms may wish to consult with the appropriate UK regulator7 on their particular circumstances (see SUP 13.12.2 G).

SUP 13.2.4GRP

7In SUP 13 the "appropriate UK regulator" amounts to whichever of the FCA and the PRA is the competent authority for authorising the relevant UK firm.

SUP 13.2.5GRP

3A UK firm that is an AIFM will only be entitled to carry on an activity under AIFMD under a passport in another EEA State if it is a full-scope UK AIFM.