# Financial Services and Markets Act 2000, Paragraph 48

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

(1) The appropriate UK regulator may not reject a notification so far as it relates to a requirement unless—
(a) it is required to do so under sub-paragraph (3), or
(b) it has power to do under sub-paragraph (4) or (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 46.
(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.
(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.
(6) The rejection of a notification does not prevent the Gibraltar regulator from giving a further notification in respect of the same requirement.

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Source: https://www.legislation.gov.uk/ukpga/2000/8/schedule/2A/paragraph/48 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-2A/paragraph-48
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.