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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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203B. Insurance distribution directive: enhanced supervision of UK firms by an EEA regulator

Omitted from 31 December 2020

(1) This section applies where -

(a) a UK firm is exercising a right derived from the insurance distribution directive in an EEA State other than the United Kingdom, and

(b) that EEA State is the firm’s primary place of business.

(2) The appropriate regulator may agree with the host state regulator for that EEA State that the host state regulator may exercise relevant functions in relation to the UK firm.

(3) In this section -

"appropriate regulator" means -

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

(b) in any other case, the FCA;

"relevant functions" means any functions that may be exercised by the host state regulator in relation to a firm for whom that regulator is its home state regulator, that exist to implement, or enable to be implemented, obligations in Chapters IV to VII of the insurance distribution directive (or any functions that exist to deal with matters arising out of, or related to, any such obligations);

"host state regulator

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