SCHEDULES

F1SCHEDULE 2AGibraltar-based persons carrying on activities in the UK

Annotations:
Amendments (Textual)

PART 13Co-operation and Assistance

Duties to co-operate

80

1

Each of the FCA, the PRA and the scheme manager must take such steps as they consider appropriate, for the purposes in sub-paragraph (2), to co-operate—

a

with each other and the Treasury (“the UK entities”), and

b

with the government of Gibraltar and the Gibraltar regulator (“the Gibraltar entities”).

2

Those purposes are—

a

to secure that they, and the Treasury, are able to perform their functions under this Schedule and section 32A, and

b

to secure that, so far as is reasonably possible, there is co-operation between the UK entities and the Gibraltar entities which the Treasury, having regard to the objectives in paragraph 7(1), consider adequate.

3

For the purposes of sub-paragraph (2), the FCA, the PRA and the scheme manager must, among other things, have regard to—

a

the memoranda and arrangements described in paragraph 9(4)(a) to (d),

b

reports laid before Parliament by the Treasury under section 32A, and

c

any guidance published by the Treasury.

4

Each of the FCA, the PRA and the scheme manager must ensure that one or more memoranda describing how it intends to comply with sub-paragraph (1) are prepared and maintained.

5

The steps taken for the purposes of sub-paragraph (1) may include arrangements for the sharing of information which the FCA, the PRA or the scheme manager is not prevented from disclosing.

6

When carrying out functions under this Schedule, the FCA and the PRA must, among other things, have regard to any relevant arrangements in force at the time for co-operation between the UK entities or for co-operation between those entities and the Gibraltar entities.