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Establishment of branches outside the State.
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12.—(1) When an authorised investment business firm wishes to establish a branch in another Member State it shall notify in writing the supervisory authority setting out the address of the proposed branch from which documents may be obtained, the names of the proposed managers and a programme of operations setting out inter alia the types of business envisaged and the proposed organisational structure of the branch.
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(2) Subject to subsection (3) of this section, the supervisory authority acting as a competent authority may communicate information referred to in subsection (1) of this section to the relevant competent authority in that other Member State in accordance with the provisions of Council Directive 93/22/EEC of 10 May, 1993(1)
, within three months of receiving all information requested of the authorised investment business firm, and shall inform the authorised investment business firm accordingly.
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(3) Where the supervisory authority acting as a competent authority does not communicate the information in the manner referred to in subsection (2) of this section, the supervisory authority shall give reasons for the refusal to the authorised investment business firm and the authorised investment business firm shall be entitled to appeal to the Court against that decision.
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(4) When an authorised investment business firm wishes to carry on business within the territory of another Member State for the first time under the freedom to provide services it shall notify the supervisory authority in writing setting out the Member State in which it intends to operate and a programme of operations stating in particular the investment service or services it intends to provide.
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(5) Where an authorised investment business firm wishes to change any particulars supplied under subsection (1) of this section, it shall notify the supervisory authority acting as a competent authority, in writing, of any such changes and allow at least one month from the date of the notification before carrying out the changes so as to allow the supervisory authority acting as a competent authority to exercise its functions under this Act.
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(6) The supervisory authority shall communicate the information referred to in subsection (4) of this section to the relevant competent authority in that other Member State in accordance with the provisions of Council Directive 93/22/EEC of 10 May 1993(1)
within one month of receiving all information referred to in subsection (4) of this section.
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(7) Where an authorised investment business firm wishes the content of the information communicated in accordance with subsection (4) of this section to be amended it shall give notice of the amendment in writing to the supervisory authority and to the competent authority in the host Member State before implementing the change to allow the competent authority of that Member State to exercise its obligations under Council Directive 93/22/EEC of 10 May 1993(1)
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(1) O.J. No. L.14111/6/93.
(1) OJ. No. L.14111/6/93.
(1) O.J. No. L.141 11/6/93 |
