The following Financial Services guidance note Produced in partnership with Sophie van Wingarden, Senior Associate and Chris Boylan, Associate of Kemp Little LLP provides comprehensive and up to date legal information covering:
This Practice Note focuses purely on procedural requirements for UK firms wishing to exercise EEA rights to provide financial services into the EEA under the following Directives (the Single Market Directives):
the fourth Capital Requirements Directive (Directive 2013/36/EU) (CRD IV)
the Solvency II Directive (Directive 2009/138/EC)
the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID)
the Insurance Mediation Directive (Directive 2002/92/EC) (IMD)
the Mortgage Credit Directive (Directive 2014/17/EU)
the Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EC) (UCITS Directive)
the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD)
For further information and definitions, see Practice Notes: EU passporting and Treaty rights and Applying for passporting. For information about the procedural requirements for firms from other EEA States wishing to do business in the UK, see Practice Note: Requirements for the exercise of passporting and Treaty rights in the UK.
The Financial Services and Markets Act 2000 (FSMA 2000), the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001, SI 2001/2511 (the Passport Regulations), the Financial Conduct Authority (FCA) Handbook and the Prudential Regulation Authority (PRA) Rulebook set out the requirements for a UK firm seeking to exercise an EEA right to establish a branch or provide cross-border services in the EEA.
The relevant requirements are known as the 'establishment conditions' and the 'service conditions' in relation to branches and services
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