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BFSAG 3.3 Activities carried on by employees of a registered BFSA investment firm on a temporary basis

01/01/2026G
  1. (1) Annex V, Section VIII, paragraph A.1.d of the BFSA provides that deference under that Annex shall extend, without the need for further authorisation, to activities relating to the cross-border supply of a BFSA registered service by a registered BFSA investment firm of Switzerland to an Annex 5 BFSA client carried out in the territory of the United Kingdom by its employees on a temporary basis, which is not such as to amount to a permanent establishment of the registered BFSA investment firm in the United Kingdom.
  2. (2) However, Annex V, Section VIII, paragraph A.1.d of the BFSA clarifies that deference does not extend to:
    1. (a) employees of a branch of the registered BFSA investment firm located in the United Kingdom and authorised under Part 4A of the Act; or
    2. (b) the supply of a BFSA registered service on a temporary basis in the territory of the United Kingdom by persons other than employees of a registered BFSA investment firm of Switzerland. For this purpose, an ‘employee’ includes any person acting in that capacity on behalf of the registered BFSA investment firm.
  3. (3) The deference provisions in Annex V have been implemented in part by article 72ZA of the Regulated Activities Order. Accordingly, the FCA considers that the exclusion in article 72ZA of the Regulated Activities Order extends to the circumstances described in (1).