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Application provision

1.1 Unless otherwise stated, this Part applies to a UK firm that is a PRA-authorised person

1

Application and Definitions

1.1

03/08/2015

Unless otherwise stated, this Part applies to a UK firm that is a PRA-authorised person

1.2

03/01/2018

In this Part, the following definitions shall apply:

EEA Passport Rights Regulations

means the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001.

EEA right

includes Article 4 (3) of the Financial Services and Markets Act (2000) (Gibraltar) Order 2001. 

financial institution

has the meaning in Article 4 (26) of the CRR.

OTF

has the meaning given in Article 4(1)(23) MiFID II.

pure reinsurer 

means an insurer whose insurance business is restricted to reinsurance.

tied agent

has the meaning given in Article 4(1)(29) MiFID II.

UK firm 

includes a financial institution that fulfils the conditions in Article 34 CRD.

2

Notice of Intention to Establish a Branch

2.1

03/08/2015

This chapter applies to a UK firm other than a pure reinsurer.

2.2

03/01/2018

A UK firm wishing to establish a branch within the territory of another EEA State for the first time under an EEA right other than derived from the CRD or MiFID II must notify the PRA of its intention by submitting the form referred to in 10.1 (Branch Notification Form). 

2.3

03/01/2018

A UK firm wishing to establish a branch within the territory of another EEA State for the first time under an EEA right derived from the CRD must comply with the information requirements set out in Commission Delegated Regulation (EU) 1151/2014 and notify the PRA of its intention by submitting the form in Annex I of Commission Implementing Regulation (EU) 926/2014 and the form referred to in 10.3 (Declaration).

Additional Notes


[Note: Article 35(2) of CRD]

2.4

05/02/2018

This rule applies to a UK firm in relation to its EEA rights derived from MiFID II

  1. (1) A UK designated investment firm wishing to establish a branch within the territory of another EEA State must comply with the information requirements set out in Article 6 of Commission Delegated Regulation (EU) 2017/1018 and notify the PRA of its intention by submitting the form set out in Annex VI of Commission Implementing Regulation (EU) 2017/2382. The firm must also notify the PRA if it intends to use a tied agent in the same territory as the branch
  2. (2) A UK firm wishing to use a tied agent established in another EEA State in which it has not established a branch must comply with the information requirements set out in Article 6 Commission Delegated Regulation (EU) 2017/1018 and notify the PRA of its intention by submitting the form set out in Annex VII of Commission Implementing Regulation (EU) 2017/2382.  
  3. (3) A UK firm notifying the PRA in accordance with (1) or (2) must also submit the form referred to in 10.3 (Declaration). 

Additional Notes


[Note: Article 35(2),(7) of MiFID II]

3

UK Pure Reinsurers Establishing a Branch

3.1

03/08/2015

This chapter applies to a pure reinsurer.

3.2

03/08/2015

A pure reinsurer establishing a branch within the territory of another EEA state for the first time under an EEA right must notify the PRA by submitting the form referred to in 10.1 (Branch notification form). Whenever possible, this notification must be made as soon as the information specified in that form is known by the firm.

4

Notice of Intention to Provide Cross Border Services

4.1

03/01/2018

A UK firm intending to provide cross border services within the territory of another EEA State for the first time under an EEA right other than derived from the CRD or MiFID II must notify the PRA of its intention by submitting the form referred to in 10.2 (Cross Border Services Notification Form).

4.2

03/01/2018

A UK firm intending to provide cross border services within the territory of another EEA State for the first time under an EEA right derived from the CRD must comply with the information requirements set out in Commission Delegated Regulation (EU) 1151/2014 and notify the PRA of its intention by submitting the form in Annex V of Commission Implementing Regulation 926/2014 and the form referred to in 10.3 (Declaration).

Additional Notes


[Note: Article 39(1) of CRD]

4.3

05/02/2018

This rule applies to a UK firm in relation to its EEA rights derived from MiFID II.

  1. (1) A UK designated investment firm intending to provide cross border services within the territory of another EEA State for the first time must comply with the information requirements set out in Article 3(1) of Commission Delegated Regulation (EU) 2017/1018 and notify the PRA of its intention by submitting the form set out in Annex I of Commission Implementing Regulation (EU) 2017/2382.
  2. (2) A credit institution intending to provide cross border services within the territory of another EEA State through tied agents must comply with the information requirements set out in Article 3(2) of Commission Delegated Regulation (EU) 2017/1018 and notify the PRA of its intention by submitting the form set out in Annex I of Commission Implementing Regulation (EU) 2017/2382.
  3. (3) A UK firm operating an MTF or OTF that intends to provide appropriate arrangements to facilitate access to and trading on those systems by remote users, members or participants in another EEA State must comply with the information requirements set out in Article 5 of Commission Delegated Regulation (EU) 2017/1018 and notify the PRA of its intention by submitting the form set out in Annex IV of Commission Implementing Regulation (EU) 2017/2382.
  4. (4) A UK firm notifying the PRA in accordance with (1) to (3) must also submit the form referred to in 10.3 (Declaration).

Additional Notes


[Note: Article 34 (2),(5),(7) of MiFID II]

5

Notice of Change of Details to a Branch

5.1

03/01/2018

A UK firm other than a pure reinsurer exercising an EEA right other than derived from the CRD or MiFID II that is required by the EEA Passport Rights Regulations to submit a notice of a change to a branch to the PRA must notify the PRA by submitting the form referred to in 10.1 (Branch Notification Form).

5.2

03/08/2015

A pure reinsurer exercising an EEA right to establish a branch in another EEA State must notify the PRA of any change in the information specified in the Branch Notification Form at 10.1. Whenever possible, this notification must be made as soon as the change in information is known by the firm.

5.3

03/01/2018

  1. (1) A UK firm that has exercised an EEA right under the CRD and established a branch in another EEA State must comply with the information requirements set out in Commission Delegated Regulation (EU) 1151/2014 and notify the PRA of a change to the branch by submitting the form in Annex I of Commission Regulation 926/2014 and the form referred to in 10.3 (Declaration) except where the change relates to a planned termination of the operation of the branch.
  2. (2) A UK firm that has exercised an EEA right under the CRD and established a branch in another EEA State and that plans to terminate the operation of the branch must comply with the information requirements set out in Commission Delegated Regulation (EU) 1151/2014 and notify the PRA by submitting the form in Annex IV of Commission Implementing Regulation 926/2014 and the form referred to in 10.3 (Declaration).

Additional Notes


[Note: Article 36(3) of CRD]

 

5.4

05/02/2018

This rule applies to a UK firm in relation to its EEA rights under MiFID II

  1. (1) A UK designated investment firm that has established a branch in another EEA State must comply with the information requirements set out in Article 7(1) of Commission Delegated Regulation (EU) 2017/1018 and notify the PRA of a change to the branch by submitting the form set out in Annex VI of Commission Implementing Regulation (EU) 2017/2382 except where the change relates to a planned termination of the operation of the branch.
  2. (2) A UK firm that uses a tied agent established in another EEA State must comply with the information requirements set out in Article 7(1) of Commission Delegated Regulation (EU) 2017/1018 and notify the PRA of a change to the particulars of the tied agent by submitting the form in Annex VII of Commission Implementing Regulation (EU) 2017/2382 except where the change relates to the cessation of the use of a tied agent.
  3. (3) A UK designated investment firm that plans to terminate the operation of a branch or that plans the cessation of the use of a tied agent, and a credit institution that plans the cessation of the use of a tied agent, must comply with the information requirements set out in Article 7(2) of Commission Delegated Regulation (EU) 2017/1018 and notify the PRA by submitting the form in Annex X of Commission Implementing Regulation (EU) 2017/2382.
  4. (4) A UK firm notifying the PRA in accordance with 5.4(1) to 5.4(3) must also submit the form referred to in 10.3 (Declaration).

Additional Notes


[Note: Article 35(10) of MiFID II]

6

Notice of Change of Details to Cross Border Services

6.1

03/08/2015

A UK firm that is required by the EEA Passport Rights Regulations to submit a notice of a change to cross border services must notify the PRA by submitting the form referred to in 10.2 (Cross Border Services Notification Form).

6.2

23/02/2018

  1. (1) A UK designated investment firm providing cross border services under MiFID II and a credit institution providing cross border services under MiFID II through a tied agent and wishing to change the range of services provided or activities performed within the territory of another EEA State must comply with the information requirements in Commission Delegated Regulation 2017/1018 and notify the PRA.
  2. (2) A UK firm operating an MTF or OTF that notifies the PRA of a change to the particulars of the notification under 4.3(3) must submit the form set out in Annex IV of Commission Implementing Regulation (EU)2017/2382.

Additional Notes


[Note: Article 34(2) of MiFID II]

7

Form and Method of Notification

7.1

03/08/2015

This Chapter applies to a UK firm other than a credit union.

7.2

03/08/2015

A UK firm must submit any notice including a notice of changes under this Part or under the EEA Passport Rights Regulations by:

  1. (1) electronic mail to pra-passporting@bankofengland.co.uk; or
  2. (2) post to the PRA: The Prudential Regulation Authority, 20 Moorgate, London, EC2R 6DA.

8

Record Keeping

8.1

03/08/2015

A UK firm which is exercising an EEA right must make a record of:

  1. (1) the services or activities it carries on from a branch in, or provides cross-border into, the territory of another EEA State under that EEA right; and
  2. (2) the details relating to those services or activities as set out in the EEA Passport Rights Regulations or the Commission Delegated Regulation (EU) 1151/2014 and Commission Implementing Regulation (EU) 926/2014 as applicable. 

8.2

03/08/2015

A UK firm passporting under MiFID must retain the record under 8.1 for five years from the earlier of the date on which:

  1. (1) it was superseded by a more up-to-date record; or
  2. (2) the UK firm ceased to have a branch in, or carry on cross border services into, the territory of any EEA State under an EEA right.

8.3

03/08/2015

A UK firm passporting under any EEA right other than derived from MiFID must retain the record under 8.1 for three years from the earlier of the date on which:

  1. (1) it was superseded by a more up-to-date record; or
  2. (2) the UK firm ceased to have a branch in, or carry on cross border services into, any EEA State under an EEA right.

9

Treaty Firms

9.1

03/08/2015

The PRA directs that a written notice from a Treaty firm under paragraph 5 (2) of Schedule 4 to FSMA must be:

  1. (1) addressed to the attention of the authorisations team in the PRA; and
  2. (2) delivered by one of methods set out in 9.2.

9.2

03/08/2015

The PRA directs that the written notice referred to in 9.1 may be delivered by:

  1. (1) post to the PRA: The Prudential Regulation Authority, 20 Moorgate, London, EC2R 6DA; or
  2. (2) leaving the application at the reception of the PRA at the address set out in (1).

9.3

03/08/2015

Each direction in SUP 13A.3.7 of the PRA Handbook continues to have effect from the date the relevant direction was given to the date on which the direction in 9.1 and 9.2 has effect.

10

Forms

10.1

19/01/2019

The Branch Notification Form can be found here.

10.2

19/01/2019

The Cross Border Services Notification Form can be found here.

10.3

19/01/2019

The Declaration can be found here.