# Financial Services and Markets Act 2000, Paragraph 26

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

(1) The appropriate UK regulator may not reject a notification unless—
(a) it is required to do so under sub-paragraph (3) or (4), or
(b) it has power to do under sub-paragraph (5).
(2) A notification is rejected when the appropriate UK regulator gives a written notice of the rejection to the Gibraltar regulator.
(3) 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).
(4) 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—
(a) the Gibraltar-based person, and
(b) the activities that the person would have a Schedule 2A permission to carry on if the permission were varied as specified in the notification.
(5) 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—
(a) the Gibraltar-based person, and
(b) the activities that the person would have a Schedule 2A permission to carry on if the permission were varied as specified in the notification.
(6) The rejection of a notification does not prevent the Gibraltar regulator from giving a further notification.

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Source: https://www.legislation.gov.uk/ukpga/2000/8/schedule/2A/paragraph/26 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-2A/paragraph-26
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.