Article 4 Exercise by UK firms of deemed passport rights in GibraltarI1I2

the establishment by a UK firm of a branch in Gibraltar, or the provision by a UK firm of services in Gibraltar, or

the marketing in Gibraltar by a UK firm of units of a F2UK UCITS as defined in section 237 of the Act,

“an EEA State” are to be treated as including references to Gibraltar;

“an EEA right” are to be treated as including references to the entitlement mentioned in paragraph (2);

rights deriving from a single market directive are to be treated as including references to that entitlement, so far as corresponding to F9the rights that would before IP completion day have derived from that directive; F10...

“EEA activities” are to be treated as including references to the activities which the firm is seeking to carry on in exercise of that entitlement F11; and

“host state regulator” are to be treated as references to the Gibraltar Financial Services Commission.

in sub-paragraph (4)(b)(i), “pursuant to the provisions of the UCITS directive” were omitted;

for sub-paragraph (5ZA) there were substituted—

“(5ZA)

This paragraph does not apply to a UK firm which is a reinsurance undertaking that only carries on—

(a)

the activity consisting in accepting risks ceded by an insurance undertaking or third-country insurance undertaking, by another reinsurance undertaking or by a third-country reinsurance undertaking as defined in regulation 2(1) of the Solvency 2 Regulations 2015, or

(b)

in the case of the association of underwriters known as Lloyd's, the activity consisting in accepting risks ceded by any member of Lloyd's, or by an insurance undertaking or reinsurance undertaking other than the association of underwriters known as Lloyd's.”;

in sub-paragraph (5C) for “has the meaning given in Article 4.1.3 of the markets in financial instruments directive” there were substituted “ means any of the services and activities listed in Part 3A of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ”;

in sub-paragraph (6) “authorised under the capital requirements directive” were omitted;

in sub-paragraph (7BA)(c)(ii) for “any directly applicable EU regulation made under that directive” there were substituted “ any EU regulation originally made under that directive which is F13assimilated direct legislation, or any regulations made by the Treasury, or technical standards made by the FCA, under a power substituted for the power of an EU institution to make EU tertiary legislation under that directive ”;

in sub-paragraph (7BB)(b) the words “pursuant to Article 6.1 of the alternative investment fund managers directive” were omitted;

in sub-paragraph (12), paragraph (aa) (but not the “and” immediately after it) were omitted;

sub-paragraph (12ZA) were omitted;

in sub-paragraph (14)—

in sub-paragraph (2B) for “has the meaning given in Article 4.1.3 of the markets in financial instruments directive” there were substituted “ means any of the services and activities listed in Part 3A of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ”;

sub-paragraph (3B) were omitted;

in sub-paragraph (3C)(a), for “as a management company pursuant to the provisions of the UCITS directive” there were substituted “ to carry on the activity specified in Article 51ZA(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (managing a UCITS) ”;

in sub-paragraph (3D)(a)(ii), after “pursuant to” there were inserted “ provision made in implementation of ”; and

in sub-paragraph (3E)—

in sub-paragraph (4BA) for “under the second sub-paragraph of Article 34.7 of that directive” there were substituted “ as to the identity of the remote members or participants of a multilateral trading facility operated by it ”;

in sub-paragraph (4D) for “which falls within the second sub-paragraph of Article 2(1) of the Solvency 2 Directive” there were substituted “ which is a reinsurance undertaking which only conducts reinsurance activities ”;

in sub-paragraph (4G), for “Community” there were substituted “ UK-Gibraltar ”;

in sub-paragraph (4H)—

in sub-paragraph (4I)—

in sub-paragraph (1), for “UCITS established in the United Kingdom” there were substituted “ UK UCITS as defined in section 237 ”;

the words “or in regulations made by the European Commission under the UCITS directive” were omitted;

in sub-paragraph (3)(c), after “imposed by” there were inserted “ provision made in implementation of ”.

in sub-paragraph (5)—

in sub-paragraph (12), in the definitions of “feeder AIF” and “master AIF”, after “directive” there were inserted “ (reading references to an AIF as references to an AIF as defined by regulation 3 of the Alternative Investment Fund Managers Regulations 2013) ”.

the words “in accordance with paragraph 5 of Article 45 of the alternative investment fund managers directive” were omitted;

for “provide the information or to take the steps referred to in that paragraph” there were substituted “ provide the Gibraltar Financial Services Commission with information falling under its responsibility, or to take the necessary steps to put an end to a breach of the law of Gibraltar which implemented the alternative investment fund managers directive ”.