# Financial Services and Markets Act 2000, Paragraph 20

Extent: E+W+S+N.I.

(1) The appropriate UK regulator may reject a notification if satisfied that the Gibraltar-based person—
(a) lost a relevant access right at any time, and
(b) poses, or is likely to pose, a serious threat to—
(i) the interests of consumers (as defined in section 1G), or
(ii) the soundness, stability and resilience of the UK financial system or a part of that system.
(2) The appropriate UK regulator may reject a notification if satisfied that—
(a) the Gibraltar-based person—
(i) is a member of the same group as a person that lost a relevant access right at any time, or
(ii) has close links with such a person (as defined in paragraph 2C(2) of Schedule 6), and
(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—
(i) the interests of consumers (as defined in section 1G), or
(ii) the soundness, stability and resilience of the UK financial system or a part of that system.
(3) For the purposes of this paragraph, a person lost a relevant access right if—
(a) its Part 4A permission was cancelled,
(b) its Schedule 2A permission was cancelled, or
(c) it ceased to qualify for authorisation under Schedule 3 (other than by virtue of the repeal of that Schedule).
(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.

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Source: https://www.legislation.gov.uk/ukpga/2000/8/schedule/2A/paragraph/20 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-2A/paragraph-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.