Paragraph 13 F1

United Kingdom

(1)

A Schedule 2A permission for a person to carry on an activity is a permission to do so only if and to the extent that—

(a)

the person is a Gibraltar-based person,

(b)

the activity is an approved activity, and

(c)

the person has permission from the Gibraltar regulator to carry on the corresponding activity in Gibraltar,

subject to the transitional arrangements in Parts 9 and 10 of this Schedule.

(2)

A Gibraltar-based person's Schedule 2A permission to carry on an activity is a permission to do so—

(a)

on terms equivalent to the terms of the person's permission from the Gibraltar regulator to carry on the corresponding activity in Gibraltar, and

(b)

subject to any limitations specified in the notification (for example, as to the circumstances in which the activity is to be carried on in the United Kingdom) (and see also paragraph 21(3)).

(3)

The reference in sub-paragraph (2)(a) to the terms of the person's permission from the Gibraltar regulator to carry on the corresponding activity in Gibraltar includes—

(a)

any restrictions included in the permission, and

(b)

any other restrictions imposed by the Gibraltar regulator on the carrying on by the person of the activity in Gibraltar.

Annotations

Textual amendments

F1: Sch. 2A inserted (1.9.2023 for specified purposes) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 6 (as amended (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 100(3)(b)); S.I. 2023/934, reg. 2(a)