Paragraph 9 I1

In section 224 (scheme manager's power to inspect documents held by Official Receiver etc), before subsection (4A) insert—

“(4ZA)

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.

(4ZB)

Regulations prescribing a category of person for the purposes of subsection (4ZA) 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.”