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Version status: Omitted | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
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203A. Insurance distribution directive: enhanced supervision of EEA firms by UK regulators

Omitted from 31 December 2020

(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 app

Comparing proposed amendment...