ceasing to have an EEA right in circumstances in which EEA authorisation is not required; this is relevant to a financial institution that is a subsidiary of a credit institution (of the kind mentioned in Article 19of the Banking Consolidation Directive) which fulfils the conditions in articles 18 and 19of that Directive.
gives notice of that fact to the FSA;
the notice is treated under regulation 8 as a request for cancellation of the incoming EEA firm's qualification for authorisation under Schedule 3 to the Act and so as a request under section 34(2) of the Act.
Where a financial institution (that is, a subsidiary of a credit institution) is passporting under the Banking Consolidation Directive (see SUP 14.6.1 G (2)), regulation 9(1) states that the incoming EEA firm may request the FSA to direct that its qualification for authorisation under Schedule 3 to the Act is cancelled from such date as may be specified in the direction.
Where the FSA gives a direction referred to in SUP 14.6.4 G, the incoming EEA firm may apply for Part IV permission (see the FSA website "How do I get authorised":http://www.fsa.gov.uk/Pages/Doing/how/index.shtml2) to take effect not earlier than the date that its qualification for authorisation is cancelled (as specified in the direction).2
Section 36 of the Act states that a UCITS qualifier may ask the FSA to give a direction cancelling its authorisation under paragraph 1(1) of Schedule 5 to the Act. UCITS qualifiers should also refer to COLLG 3.1.11 Gand CIS 17.4.8 G (Revocation of recognition: Schemes recognised under section 264 of the Act).1