Treasury has made two statutory instruments under the Financial Services and Markets Act 2000 (FSMA):

  • the FSMA (Exercise of Powers under Part 4A) (Consultation with Home State Regulators) Regulations 2013 take effect from 1 April and sets out the circumstances in which the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), when giving regulatory permissions to a person who is connected with certain EEA firms, must consult with relevant EEA regulators; and
  • the FSMA (EEA Passport Rights) (Amendment) Regulations 2013 also take effect from 1 April and prescribe the cases in which the FCA must give the PRA copies of notices relating to the exercise of rights by EEA firms under single market directives to establish a branch in the UK. The Regulations also require FCA and PRA to notify each other when an EEA firm or a non-UK firm exercising other Treaty rights qualifies for authorisation under FSMA.

(Source: FSMA (Exercise of Powers under Part 4A) (Consultation with Home State Regulators) Regulations 2013 and FSMA (EEA Passport Rights) (Amendment) Regulations 2013)