Definitions
(1) In this Schedule -
"Treaty firm" means a person -
(a) whose head office is situated in an EEA State (its "home state") other than the United Kingdom; and
(b) which is recognised under the law of that State as its national; and
"home state regulator", in relation to a Treaty firm, means the competent authority of the firm's home state for the purpose of its home state authorisation (as to which see paragraph 3(1)(a)).
(2) Section 425A (meaning of "consumers") applies for the purposes of this Schedule.
Firms qualifying for authorisation
2. Once a Treaty firm which is seeking to carry on a regulated activity satisfies the conditions set out in paragraph 3(1), it qualifies for authorisation.
Exercise of Treaty rights
(1) The conditions are that -
(a) the firm has received authorisation ("home state authorisation") under the law of its home state to carry on the regulated activity in question ("the permitted activity");
(b) the relevant provisio