Introductory
1 Schedule 3 to FSMA 2000 (EEA passport rights) is amended as follows.
Exercise of passport rights by EEA firms
(1) Paragraph 13 (establishment) is amended as follows.
(2) In sub-paragraphs (1) and (1A), for "Authority", in each place, substitute "appropriate UK regulator".
(3) After sub-paragraph (1A) insert -
"(1B) Where the PRA receives a consent notice, it must give a copy to the FCA without delay.
(1C) Where the FCA receives a consent notice it must in prescribed cases give a copy to the PRA without delay.
(1D) In a case where the FCA is the appropriate UK regulator, the consent of the PRA is required for any notice by the FCA for the purposes of sub-paragraph (1)(ba) which relates to -
(a) a PRA-regulated activity,
(b) a PRA-authorised person, or
(c) a person whose immediate group includes a PRA-authorised person.
(1E) If the FCA -
(a) receives a consent notice, or
(b) receives under sub-paragraph (1B) a copy of a consent notice,
it must prepare for the
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