Financial Services and Markets Act 2000

[F1 59 (1) Sub-paragraph (2) applies where— U.K.

(a) the Treasury provide that an activity which the Gibraltar regulator has authorised, or may authorise, a person to carry on in Gibraltar (a “Gibraltar activity”) does not correspond to an approved activity (by revoking or amending regulations under paragraph 6), and

(b) immediately before they do so, a person had a Schedule 2A permission to carry on the approved activity by virtue of having permission from the Gibraltar regulator to carry the Gibraltar activity.

(2) For the purposes of this Schedule, the Gibraltar activity is to be treated as corresponding to the approved activity but—

(a) only so far as the approved activity is carried on by the person in the United Kingdom,

(b) subject to the time limit in sub-paragraph (3), and

(c) subject to any restriction under paragraph 60.

(3) The Gibraltar activity ceases to be treated as corresponding to the approved activity by virtue of sub-paragraph (2)—

(a) at the end of the period specified by the Treasury by regulations, or

(b) if earlier, when an event listed in sub-paragraph (4) first occurs.

(4) Those events are—

(a) the person ceases to carry on the approved activity in the United Kingdom;

(b) the person ceases to have permission from the Gibraltar regulator to carry on the Gibraltar activity;

(c) the person ceases to have a Schedule 2A permission in respect of the approved activity;

(d) the person is given permission under Part 4A of this Act in respect of the approved activity;

(e) the Treasury provide that the Gibraltar activity corresponds to the approved activity (by making regulations under paragraph 6).

(5) Where the provision made about the Gibraltar activity in regulations under paragraph 6 immediately before the Treasury make the provision described in sub-paragraph (1)(a) is subject to limitations, references in this Part of this Schedule to the Gibraltar activity are to that activity subject to those limitations.

(6) Where the provision made about the Gibraltar activity in the regulations under paragraph 6 referred to in sub-paragraph (1)(a) is subject to limitations, references in this Part of this Schedule to the Gibraltar activity are to that activity subject to those limitations.

(7) For the purposes of sub-paragraph (4)(b) and (c), a person does not cease to have permission in respect of an activity while it has permission to carry on the activity by virtue of, and subject to the restrictions in, Part 10 of this Schedule.]

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)