SUP App 3.9 Mapping of the Investment Services Directive and Banking Consolidation Directive to the Regulated Activities Order
The following Tables 1 and 2 provide an outline of the regulated activities and specified investments that may be of relevance to firms considering undertaking passported activities under the Banking Consolidation Directive or the Investment Services Directive. The tables may be of assistance to UK firms that are thinking of offering financial services in another EEA State and to EEA firms that may offer those services in the United Kingdom.
The tables provide a general indication of the investments and activities specified in the Regulated Activities Order that may correspond to categories provided for in eitherthe Banking Consolidation Directive or the Investment Services Directive. The guidance does not cover the UCITS Directive. The tables do not provide definitive guidance as to whether a firm is carrying on an activity that is capable of being passported, nor do the tables take account of exceptions that remove the effect of articles. Whether a firm is carrying on a passported activity will depend on the particular circumstances of the firm. If a firm's activities give rise to potential passporting issues, it should obtain specialist advice on the relevant issues.
In considering the issues raised in the tables, firms should note that:
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(1)
article 64 of the Regulated Activities Order (Agreeing to carry on specific kinds of activity) applies in respect of agreeing to undertake the specified activity; and
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(2)
article 89 of the Regulated Activities Order (Rights to or interests in investments) applies in respect of rights to and interests in the types of investments to which the category applies.