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Paragraph 9 F1

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The Treasury may not approve a regulated activity under paragraph 5 unless they are satisfied that, having regard to the objectives in paragraph 7(1), there is, or will be, adequate co-operation between—

(a)

the UK entities listed in sub-paragraph (2), and

(b)

the Gibraltar entities listed in sub-paragraph (3).

(2)

The UK entities are—

(a)

the Treasury,

(b)

the FCA,

(c)

the PRA, and

(d)

the scheme manager.

(3)

The Gibraltar entities are—

(a)

the government of Gibraltar, and

(b)

the Gibraltar regulator.

(4)

In determining whether the test in sub-paragraph (1) is satisfied, the Treasury must have regard to—

(a)

memoranda describing how the UK entities and the Gibraltar entities intend to co-operate,

(b)

arrangements for the UK entities to obtain information and documents from the Gibraltar entities,

(c)

arrangements for the verification of such information and documents (whether by, or by a person appointed by, a UK entity or a Gibraltar entity),

(d)

arrangements for the Gibraltar entities to obtain information and documents from the UK entities, and

(e)

anything else that the Treasury consider relevant.

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)