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Home > Prudential Regulation Authority > Passporting - Notifying
 

Passporting - Notifying

Passporting | Notifying the PRA of Passporting | Passporting forms   

This page provides further information on firms’ eligibility to passport and the process for notifying the PRA of inward and outward passporting activity.

On 3 August 2015, as set out in Chapter 2 of CP17/15 'The PRA Rulebook: Part 3', the PRA moved the passporting forms, and guidance previously held in Handbook modules SUP 13, SUP 13A, SUP 14 and SUP App 3, to the PRA section of the Bank's website. These are available on the page 'Passporting forms'.

Note: As of 20 July 2015, firms can no longer submit passporting notifications via ONA.

Eligibility to passport

  • All firms with appropriate permissions in the United Kingdom can passport out of the United Kingdom under more than one directive.
  • Credit institutions that have passport rights under the Capital Requirements Directive (CRD) do not have passport rights under the Markets in Financial Instruments Directive (although credit institutions can passport investment services under the CRD).
  • Firms passporting under the Solvency II Directive are automatically able to passport mediation business and therefore do not require a separate passport under the Insurance Mediation Directive.
  • An Authorised Payment Institution has passport rights under the Payment Services Directive whereas an Electronic Money Institution has passport rights under the Second Electronic Money Directive.

Submitting inward passport notifications 

Home state regulators wishing to notify the PRA of a firm’s intention to passport into the United Kingdom must submit notifications by email to
 

Firms submitting via paper should send notifications to:
Authorisations Division
Prudential Regulation Authority
20 Moorgate
London EC2R 6DA

Submitting outward passport notifications 

Dual-regulated firms should submit notifications by post or by email using the forms available on the page 'Passporting forms'.

Firms intending to passport outwards under the CRD must submit notification direct to the PRA complying with the information requirements and using the forms in Commission Implementing Regulation (EU) No 926/2014. Firms should also complete the relevant declaration for CRD passport notification which can be found in Appendix 1c of the passporting rules in the PRA Rulebook.

A UK firm wishing to notify of their intension to provide freedom of establishment and/or freedom  of services into more than one EEA state must submit a single notification. Firms should ensure that the relevant information for each EEA state is clearly identifiable.

For notifications of freedom of establishment and freedom of services firms should submit via the method outlined below depending on the directive under which they are passporting: 

Directive​ Submission method
Capital Requirements Directive​
​Paper/email on the relevant template set out by the EBA https://www.eba.europa.eu/
Payment Services​Directive ​Paper/email
Electronic Money Directive ​ ​Paper/email
Undertaking in Collective Investment Schemes Directive ​ ​Paper/email
All other outward submissions​ ​Forms in the PRA Rulebook
    

Timelines 

The PRA’s timelines for processing passporting notifications are set out below. Notification forms for these directives are available on the page 'Passporting forms'. 

 Outward notifications

 Directive​ Timeframe to process/respond​
Capital Requirements Directive ​
​Establishment: 3 months
Services: 1 month
Solvency II Directive for Life and Non-Life Business
​Establishment: 3 months
Services: 1 month
Solvency II Directive for Reinsurance Business ​Services:​1 month
Insurance Mediation Directive ​Establishment: 1 month
Services: 1 month
​MiFID ​Establishment: 3 months
Services: 1 month
Undertaking in Collective Investment Schemes​ Directive ​Establishment: 2 months
Services: 1 month
Electronic Money Directive ​Establishment: ​1 month
Services: 1 month
Payment Services Directive​ ​Establishment: 1 month
Services: n/a

 

Inward notifications

Directive​ Timeframe to process/respond​
Capital Requirements Directive ​ ​Establishment: 2 months
Services: 1 month
Solvency II Directive for Life and Non-Life Business ​Establishment:​2 months
Services: 1 month
Solvency II Directive Reinsurance Business ​Establishment: 2 months

 

Alterations to the passported activities of existing branches, or to the services provided cross-border, will be processed in one month. In all cases of new notifications and alterations to existing notifications, the PRA will consult with the FCA. 

Fees

Although neither the PRA nor the FCA charge for passporting services, a fee may be levied by other host states. 

 

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