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The Payment Services Regulations 2017

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The Payment Services Regulations 2017, Paragraph 2 is up to date with all changes known to be in force on or before 03 November 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. Help about Changes to Legislation

Exercise by authorised payment institutions of [F1market access rights] in GibraltarU.K.

This section has no associated Explanatory Memorandum

2.—(1) For the purposes of these Regulations, an authorised payment institution or registered account information service provider is to be treated as having an entitlement, corresponding to [F2the passport right that such a firm had immediately before IP completion day,] to establish a branch or provide services in Gibraltar.

[F3(1A) Despite their amendment or revocation by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, the provisions of these Regulations listed in sub-paragraph (1B) continue to apply, as they had effect immediately before IP completion day, for the purposes of this paragraph.

(1B) The provisions referred to in sub-paragraph (1A) are as follows—

(a)in regulation 4 (register of certain payment service providers), paragraph (1)(a);

(b)regulations 27 and 28 (notice of intention);

(c)regulation 30 (supervision of firms exercising passport rights);

(d)in regulation 32 (additional activities), paragraph (2)(c);

(e)in regulation 34 (use of agents), paragraphs (2), (6), (7), (10), (11) and (14);

(f)in regulation 147 (duty to co-operate and exchange information), paragraph (1);

(g)in regulation 153 (transitional and saving provisions), paragraph (2).]

[F4(2) In relation to an authorised payment institution or registered account information service provider which establishes a branch or provides services in Gibraltar, those provisions are to be read as if—

(a)references to an “EEA branch” were references to such a branch;

(b)references to an “EEA State” were references to Gibraltar;

(c)references to a “host state competent authority” were references to the Gibraltar Financial Services Commission; and

(d)references to “passport rights” were references to the entitlement mentioned in sub-paragraph (1).]

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