PRIN 3.1 Who?

PRIN applies to every firm, except that:

1. (1)

   for an incoming EEA firm or an incoming Treaty firm, the Principles apply only in so far as responsibility for the matter in question is not reserved by an EU4 instrument to the firm's Home State regulator;

   4
2. (2)

   for an incoming EEA firm which is a CRD credit institution8 without a top-up permission, Principle 4 does not apply;12

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3. (3)

   for an incoming EEA firm which has permission only for cross border services and which does not carry on regulated activities in the United Kingdom, the Principles do not apply;

4. (4)

   for a UCITS qualifier and AIFM qualifier9, only Principles 11, 2, 3, 7 and 9 apply, and only with respect to the activities in PRIN 3.2.2 R (Communication and approval of financial promotions);1

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5. (5)

   PRIN does not apply to an incoming ECA provider acting as such; and71

6. (6)

   PRIN does not apply to a firm in relation to its carrying on of auction regulation bidding.7

17PRIN also applies:

1. (1)

   to an electronic money institution, an authorised payment institution, a small payment institution or a registered account information service provider; and

2. (2)

   with the exception of Principle 4, and only in so far as responsibility for the matter in question is not reserved by the Payment Services Directive, Electronic Money Directive or other EU instrument to the person’s Home State regulator, to an EEA authorised electronic money institution, an EEA authorised payment institution and an EEA registered account information service provider.

A firm or other person17 will not be subject to a Principle to the extent that it would be contrary to the UK's obligations under an EU instrument.