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FINANCIAL SERVICES
AND MARKETS
ACT 2000
REPEALS,
TRANSITIONAL PROVISIONS AND SAVINGS
DECEMBER 2000
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PART III - AUTHORISATION
OF PASSPORTING FIRMS
3.1
A firm which has its head office in another EEA member State will
not require Part IV permission to carry on regulated activities in
the United Kingdom where it qualifies for authorisation by virtue
of Schedule 3 to FSMA (EEA passport rights) or Schedule 4 (Treaty
rights).
EEA
firms
3.2
Part II, Chapter II of the draft Transitionals Order will ensure that,
at commencement, any firm that is able to carry on regulated activities
in the United Kingdom in accordance with the requirements of the 2BCD
and ISD Regulations and certain provisions of Schedule 2F to the ICA
1982 will be authorised as an EEA firm for the purposes of Schedule
3 to FSMA.
Treaty
Firms
3.3
Part II, Chapter III of the draft Transitionals Order makes corresponding
provision so that where a person established in another EEA member
State is able to carry on regulated activities in the United Kingdom,
as provided for in section 31 of the FS Act and paragraph 4 of Schedule
2F to the ICA 1982, that person will be authorised as a Treaty firm
for the purposes of Schedule 4 to FSMA.
EC
insurance companies
3.4
In limited circumstances, an insurance company from another EEA member
State will be given Part IV permission for their reinsurance business.
Generally, however, such companies will derive their authorised status
by the application of Schedules 3 and 4 to FSMA, and the corresponding
provisions of the Transitionals Order.
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