Paragraph 26 F1
United Kingdom
The appropriate UK regulator may not reject a notification unless—
it is required to do so under sub-paragraph (3) or (4), or
it has power to do under sub-paragraph (5).
A notification is rejected when the appropriate UK regulator gives a written notice of the rejection to the Gibraltar regulator.
The appropriate UK regulator must reject a notification if satisfied that the notification does not satisfy one or more of the requirements in paragraph 24(1).
The appropriate UK regulator must reject a notification if it would be required to do so by paragraph 18(2) or (3) if the notification were a notification under Part 3 of this Schedule relating to—
the Gibraltar-based person, and
the activities that the person would have a Schedule 2A permission to carry on if the permission were varied as specified in the notification.
The appropriate UK regulator may reject a notification if it would have power to do so under paragraph 19 or 20 if the notification were a notification under Part 3 of this Schedule relating to—
the Gibraltar-based person, and
the activities that the person would have a Schedule 2A permission to carry on if the permission were varied as specified in the notification.
The rejection of a notification does not prevent the Gibraltar regulator from giving a further notification.
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)