{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-2A/paragraph-48",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-2A/paragraph-48.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/48",
  "kind": "paragraph",
  "number": "48",
  "heading": null,
  "text": "(1) The appropriate UK regulator may not reject a notification so far as it relates to a requirement unless—\n(a) it is required to do so under sub-paragraph (3), or\n(b) it has power to do under sub-paragraph (4) or (5).\n(2) A notification is rejected when the appropriate UK regulator gives a written notice of the rejection to the Gibraltar regulator.\n(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 46.\n(4) The FCA may reject a notification, so far as it relates to a requirement, if it appears to the FCA that it is desirable to do so in order to advance one or more of its operational objectives.\n(5) The PRA may reject a notification, so far as it relates to a requirement, if it appears to the PRA that it is desirable to do so in order to advance one or more of its objectives.\n(6) The rejection of a notification does not prevent the Gibraltar regulator from giving a further notification in respect of the same requirement.",
  "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/48",
    "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."
}