Paragraph 7 I1

In section 213 (the compensation scheme), after subsection (9) insert—

“(10A)

But a person is not to be regarded as a relevant person in relation to a regulated activity if, at that time, the person—

(a)

was a Gibraltar-based person with a Schedule 2A permission to carry on the activity, and

(b)

fell within a prescribed category, either generally or in relation to the activity.

(10B)

Regulations prescribing a category of person for the purposes of subsection (10A) may, among other things, make provision by reference to—

(a)

whether the activity is carried on through a branch in the United Kingdom;

(b)

the level of protection provided by the compensation scheme and by any comparable scheme operating in Gibraltar.”