{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-2A/paragraph-20",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-2A/paragraph-20.json",
  "legislation": "ukpga/2000/8",
  "legislation_title": "Financial Services and Markets Act 2000",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000",
  "path": "schedule/2A/paragraph/20",
  "kind": "paragraph",
  "number": "20",
  "heading": null,
  "text": "(1) The appropriate UK regulator may reject a notification if satisfied that the Gibraltar-based person—\n(a) lost a relevant access right at any time, and\n(b) poses, or is likely to pose, a serious threat to—\n(i) the interests of consumers (as defined in section 1G), or\n(ii) the soundness, stability and resilience of the UK financial system or a part of that system.\n(2) The appropriate UK regulator may reject a notification if satisfied that—\n(a) the Gibraltar-based person—\n(i) is a member of the same group as a person that lost a relevant access right at any time, or\n(ii) has close links with such a person (as defined in paragraph 2C(2) of Schedule 6), and\n(b) given the nature of the relationship between that person and the Gibraltar-based person, the Gibraltar-based person poses, or is likely to pose, a serious threat to—\n(i) the interests of consumers (as defined in section 1G), or\n(ii) the soundness, stability and resilience of the UK financial system or a part of that system.\n(3) For the purposes of this paragraph, a person lost a relevant access right if—\n(a) its Part 4A permission was cancelled,\n(b) its Schedule 2A permission was cancelled, or\n(c) it ceased to qualify for authorisation under Schedule 3 (other than by virtue of the repeal of that Schedule).\n(4) When deciding whether to reject a notification under this paragraph, the appropriate UK regulator must have regard, among other things, to the reasons why the person lost the relevant access right.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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)"
    }
  ],
  "outstanding_effects": [
    {
      "type": "power to apply (with modifications) conferred",
      "affecting": "ukpga/2021/22",
      "affecting_title": "Financial Services Act 2021"
    },
    {
      "type": "power to apply (with modifications) conferred",
      "affecting": "ukpga/2021/22",
      "affecting_title": "Financial Services Act 2021"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/8/schedule/2A/paragraph/20",
    "retrieved_at": "2026-10-29T09:21:21.899993+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}