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Status: You are viewing the version of the handbook as on 2012-01-07.

SUP 14.3 Changes to cross border services

SUP 14.3.1GRP

Where an incoming EEA firm passporting under the MiFID4, UCITS Directive or Insurance Directives is exercising an EEA right and is providing cross border services into the United Kingdom, the EEA Passport Rights Regulations govern any changes to the details of those services. Where an incoming EEA firm has complied with the relevant requirements in the EEA Passport Rights Regulations, then the firm's permission given under Schedule 3 to the Act is to be treated as varied accordingly.21

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Firms passporting under the4 UCITS Directive

SUP 14.3.2GRP

Where an incoming EEA firm passporting under the UCITS Directive4 is providing cross border services into the United Kingdom, it must not make a change in the details referred to in regulation 5(1A5) unless it has complied with the relevant requirements in regulation 5(3).21

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SUP 14.3.3GRP

The relevant requirements in regulation 5(3) are that:

  1. (1)

    the incoming EEA firm has given a notice to the FSA (see SUP 14.4.1 G) and to its Home State regulator stating the details of the proposed change;

  2. (2)

    if the change arises from circumstances beyond the incoming EEA firm's control, that firm has, as soon as practicable, given to the FSA and to its Home State regulator the notice in (1).1

SUP 14.3.3AG

[deleted]5

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SUP 14.3.4GRP

Under regulation 5(4), the FSA is required, as soon as practicable after receiving the notice in SUP 14.3.3 G, to inform the incoming EEA firm of any consequential changes in the applicable provisions.

Firms passporting under MiFID5

SUP 14.3.4AGRP

4Where an incoming EEA firm passporting under MiFID is providing cross border services into the United Kingdom, it must not:5

  1. (1)

    make a change in the details referred to in regulation 5A(1)(a); or5

  2. (2)

    use, for the first time, any tied agent to provide services in the United Kingdom; or5

  3. (3)

    cease to use tied agents to provide services in the United Kingdom;5

unless it has complied with the relevant requirements in regulation 5A(3).5

SUP 14.3.4BGRP

5The relevant requirements in regulation 5A(3) are that:

  1. (1)

    the incoming EEA firm has given notice to its Home State regulator stating the details of the proposed change; and

  2. (2)

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

SUP 14.3.4CGRP

5Under regulation 5(4), the FSA is required, as soon as practicable after receiving the notice in SUP 14.3.4B G, to inform the incoming EEA firm of any consequential changes in the applicable provisions.

SUP 14.3.4DGRP

5SUP 14.3.4A G does not apply to a change occasioned by circumstances beyond the incoming EEA firm's control.

Firms passporting under the Insurance Directives

SUP 14.3.5G

If an incoming EEA firm passporting under the Insurance Directives is providing cross border services into3 the United Kingdom, it must not make a change to the details referred to in regulation 7(1) unless it has complied with the relevant provisions.

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SUP 14.3.6G

The relevant provisions are those set out in regulation 7(4), namely that:

  1. (1)

    the incoming EEA firm has given a notice to its Home State regulator stating the details of the proposed change; and

  2. (2)

    the Home State regulator has passed on to the FSA the information contained in that notice.

SUP 14.3.7G

If the change arises from circumstances beyond the incoming EEA firm's control, the incoming EEA firm is required to comply with the relevant provisions referred to in SUP 14.3.6 G as soon as reasonably practicable (whether before or after the change). See also SUP 14.2.9 G, as relevant to cross border services.