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Financial Services and Markets Act 2000, Cross Heading: Power to reject: loss of access right and serious threat to the UK is up to date with all changes known to be in force on or before 21 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Textual Amendments
F1Sch. 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)
20(1)The appropriate UK regulator may reject a notification if satisfied that the Gibraltar-based person—U.K.
(a)lost a relevant access right at any time, and
(b)poses, or is likely to pose, a serious threat to—
(i)the interests of consumers (as defined in section 1G), or
(ii)the soundness, stability and resilience of the UK financial system or a part of that system.
(2)The appropriate UK regulator may reject a notification if satisfied that—
(a)the Gibraltar-based person—
(i)is a member of the same group as a person that lost a relevant access right at any time, or
(ii)has close links with such a person (as defined in paragraph 2C(2) of Schedule 6), and
(b)given the nature of the relationship between that person and the Gibraltar-based person, the Gibraltar-based person poses, or is likely to pose, a serious threat to—
(i)the interests of consumers (as defined in section 1G), or
(ii)the soundness, stability and resilience of the UK financial system or a part of that system.
(3)For the purposes of this paragraph, a person lost a relevant access right if—
(a)its Part 4A permission was cancelled,
(b)its Schedule 2A permission was cancelled, or
(c)it ceased to qualify for authorisation under Schedule 3 (other than by virtue of the repeal of that Schedule).
(4)When deciding whether to reject a notification under this paragraph, the appropriate UK regulator must have regard, among other things, to the reasons why the person lost the relevant access right.]
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