Paragraph 67 F1

United Kingdom

(1)

A UK regulator may direct that a contract specified or described in the direction is a protected contract for the purposes of paragraph 64 or 65 (or both).

(2)

A UK regulator may, by giving a direction, modify the definition of “existing contract” for the purposes of paragraph 64 or 65 (or both) in the ways provided for in the definitions of that term in those paragraphs.

(3)

A UK regulator that gives a direction under this paragraph may, by a further direction, vary or revoke the direction.

(4)

A UK regulator may give different directions under this paragraph in connection with—

(a)

different activities,

(b)

different contracts or descriptions of contract, or

(c)

different Gibraltar-based persons or descriptions of Gibraltar-based person.

(5)

After giving a direction under this paragraph, a UK regulator must—

(a)

publish the direction in the way appearing to the UK regulator to be best calculated to bring it to the attention of persons likely to be affected by it, and

(b)

give a copy of the direction to the Treasury and the other UK regulator without delay.

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)