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)
48(1)The appropriate UK regulator may not reject a notification so far as it relates to a requirement unless—U.K.
(a)it is required to do so under sub-paragraph (3), or
(b)it has power to do under sub-paragraph (4) or (5).
(2)A notification is rejected when the appropriate UK regulator gives a written notice of the rejection to the Gibraltar regulator.
(3)The appropriate UK regulator must reject a notification if satisfied that the notification does not satisfy one or more of the requirements in paragraph 46.
(4)The FCA may reject a notification, so far as it relates to a requirement, if it appears to the FCA that it is desirable to do so in order to advance one or more of its operational objectives.
(5)The PRA may reject a notification, so far as it relates to a requirement, if it appears to the PRA that it is desirable to do so in order to advance one or more of its objectives.
(6)The rejection of a notification does not prevent the Gibraltar regulator from giving a further notification in respect of the same requirement.]