Part III Exercise of Passport Rights by UK Firms

18A

In this Part of this Schedule “the appropriate UK regulator” means—

(a)     where the UK firm is a PRA-authorised person, the PRA;

(b)     in any other case, the FCA.]

19

(1)     [Subject to [sub-paragraphs (5ZA) [, (5ZB)]][, (5A) and (7BC)],] a UK firm may not exercise an EEA right to establish a branch unless three conditions are satisfied.

(2)     The first is that the firm has given the [appropriate UK regulator], in the specified way, notice of its intention to establish a branch (“a notice of intention”) which—

(a)     identifies the activities which it seeks to carry on through the branch; and

(b)     includes such other information as may be specified.

(3)     [Subject to sub-paragraph (5B), the] activities identified in a notice of intention may include activities which are not regulated activities.

[(4)     The second is that—

(a)     the [appropriate UK regulator] has given notice in specified terms (“a consent notice”) to the host state regulator; and

(b)     where the firm is a management company which wishes to pursue the activity of collective portfolio management referred to in Annex II to the UCITS directive, the [appropriate UK regulator] has provided to the host state regulator—

(i)     confirmation that the firm has been authorised as a management company pursuant to the provisions of the UCITS directive;

(ii)     a description of the scope of the management company's authorisation; and

(iii)     details of any restriction on the types of UCITS that the management company is authorised to manage.]

[(5)     The third is—

(a)     if the EEA right in question derives

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