Part III Exercise of Passport Rights by UK Firms
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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