[(1) The appropriate regulator may agree with a relevant EEA firm's home state regulator that the appropriate regulator may exercise relevant functions in relation to the firm.
(2) The appropriate regulator must notify the firm and EIOPA of the agreement without delay.
(3) Subsection (2) does not require the PRA to notify the firm and EIOPA where the PRA is satisfied that the FCA is required to do so, or has done so, or will do so.
(4) An agreement under subsection (1) must specify which relevant functions the appropriate regulator may exercise in relation to the firm.
(5) The appropriate regulator may exercise relevant functions in relation to the firm in accordance with the agreement, as if the firm were a UK firm.
(6) In this section—
“appropriate regulator” means—
(a) where the relevant EEA firm is a PRA-authorised person, the FCA or, subject to subsection (3), the PRA;
(b) in any other case, the FCA;
“relevant functions” means any functions that may be exercised by the appropriate regulator in relation to a UK firm, that exist to implement, or enable to be implemented, obligations in Chapters IV to VII of the insurance distribution directive (or any functions that exist to deal with matters arising out of, or related to, any such obligations);
“primary place of business”, in relation to a firm, means the location from where the main business of the firm is managed;
“relevant EEA firm” means an EEA firm falling within paragraph 5(e) of Schedule 3 which is exercising in the United Kingdom an EEA right deriving from the insurance distribution directive and whose primary place of business is the United Kingdom; and
“UK firm” has the meaning given in paragraph 10 of Schedule 3.]
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