Tweet
Is anyone able to explain in simple terms what this means, and identify which specific financial services single market directives it is referring to -
(d) Changes for authorisation for overseas firms
Currently, there is no residence requirement for overseas firms carrying on consumer credit activities in the UK. However, the new regime will require such firms to have a UK establishment and to apply for FCA authorisation from 1 April 2014 unless they are:
(d) Changes for authorisation for overseas firms
Currently, there is no residence requirement for overseas firms carrying on consumer credit activities in the UK. However, the new regime will require such firms to have a UK establishment and to apply for FCA authorisation from 1 April 2014 unless they are:
- An EEA firm delivering services at a distance (within the E-Commerce Directive)
- An EEA firm operating under certain financial services single market directives
- An EEA firm authorised in home state with equivalent protection
