Chwilio Deddfwriaeth

Financial Services Act 2021

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Changes over time for: SCHEDULE 8

 Help about opening options

No versions valid at: 23/02/2022

Alternative versions:

Status:

Point in time view as at 23/02/2022. This version of this schedule contains provisions that are not valid for this point in time. Help about Status

Changes to legislation:

Financial Services Act 2021, SCHEDULE 8 is up to date with all changes known to be in force on or before 15 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

Yn ddilys o 04/01/2023

Section 22

SCHEDULE 8U.K.Gibraltar: minor and consequential amendments

This Atodlen has no associated Nodiadau Esboniadol

Yn ddilys o 01/09/2023

Financial Services and Markets Act 2000 (c. 8)U.K.

Prospective

1U.K.The Financial Services and Markets Act 2000 is amended as follows.

Prospective

2U.K.In section 3A(3)(a) (expressions in which general definition of “regulator” does not apply), at the end insert—

“Gibraltar regulator”;.

Prospective

3U.K.In section 33(1)(a) (withdrawal of authorisation), after “permission” insert “ or Schedule 2A permission ”.

Prospective

4U.K.In Part 5 (performance of regulated activities), after section 71I insert—

Application of this Part to Gibraltar-based personsU.K.

71JApplication of this Part to Gibraltar-based persons

(1)This section applies to an authorised person that—

(a)has a Schedule 2A permission, but

(b)does not have a Part 4A permission.

(2)The person is only required to comply with the provisions listed in subsection (3) if the person has a branch in the United Kingdom.

(3)Those provisions are—

(a)section 59(1) or (2) (approval for particular arrangements), or

(b)section 63E(1) (certification of employees).

(4)In this section, “branch” has the same meaning as in Schedule 2A (see paragraph 3 of that Schedule).

5U.K.After section 137A insert—

137AAThe FCA's general rules: Gibraltar

(1)The FCA's general rules may not make provision prohibiting a Gibraltar-based person from carrying on, or holding itself out as carrying on, an activity which it has a Schedule 2A permission to carry on in the United Kingdom.

(2)Subsection (1) does not apply to rules described in section 137C, 137D or 137FD.

(3)The Treasury may by regulations impose other limitations on what provision applying to Gibraltar-based persons with a Schedule 2A permission to carry on a regulated activity may be made in the FCA's general rules, but may not impose limitations relating to rules described in section 137C, 137D or 137FD.

(4)Before making regulations under subsection (3), the Treasury must consult the FCA.

6U.K.After section 137G insert—

137GAThe PRA's general rules: Gibraltar

(1)The PRA's general rules may not make provision prohibiting a Gibraltar-based person from carrying on, or holding itself out as carrying on, an activity which it has a Schedule 2A permission to carry on in the United Kingdom.

(2)The Treasury may by regulations impose other limitations on what provision applying to Gibraltar-based persons with a Schedule 2A permission to carry on a regulated activity may be made in the PRA's general rules.

(3)Before making regulations under subsection (2), the Treasury must consult the PRA.

7U.K.In section 213 (the compensation scheme), after subsection (9) insert—

(10A)But a person is not to be regarded as a relevant person in relation to a regulated activity if, at that time, the person—

(a)was a Gibraltar-based person with a Schedule 2A permission to carry on the activity, and

(b)fell within a prescribed category, either generally or in relation to the activity.

(10B)Regulations prescribing a category of person for the purposes of subsection (10A) may, among other things, make provision by reference to—

(a)whether the activity is carried on through a branch in the United Kingdom;

(b)the level of protection provided by the compensation scheme and by any comparable scheme operating in Gibraltar.

Prospective

8U.K.In section 214 (provisions of the compensation scheme: general), before subsection (6) insert—

(5A)The scheme may make different provision according to whether or not a relevant person is a member of both the compensation scheme and another comparable scheme.

9U.K.In section 224 (scheme manager's power to inspect documents held by Official Receiver etc), before subsection (4A) insert—

(4ZA)But a person is not to be regarded as a relevant person in relation to a regulated activity if, at that time, the person—

(a)was a Gibraltar-based person with a Schedule 2A permission to carry on the activity, and

(b)fell within a prescribed category, either generally or in relation to the activity.

(4ZB)Regulations prescribing a category of person for the purposes of subsection (4ZA) may, among other things, make provision by reference to—

(a)whether the activity is carried on through a branch in the United Kingdom;

(b)the level of protection provided by the compensation scheme and by any comparable scheme operating in Gibraltar.

Prospective

10U.K.After section 367 insert—

367AWinding-up petitions: Gibraltar-based persons

(1)A regulator may not present a petition to the court under section 367 for the winding up of a Gibraltar-based person who has a Schedule 2A permission unless either regulator has been asked to do so by the Gibraltar regulator.

(2)If a regulator receives a request from the Gibraltar regulator to present a petition to the court under section 367 for the winding up of a Gibraltar-based person who has a Schedule 2A permission, it must—

(a)notify the other regulator of the request, and

(b)provide the other regulator with such information relating to the request as it thinks fit.

(3)In this section, “the Gibraltar regulator” has the meaning given in Schedule 2A (see paragraph 2 of that Schedule).

Prospective

11(1)Section 392 (application of sections 393 and 394: warning notices and decision notices) is amended as follows.U.K.

(2)In paragraph (a), after “412B(4) or (8)” insert “ or paragraph 38, 42 or 69 of Schedule 2A or paragraph 11, 16 or 20 of Schedule 2B ”.

(3)In paragraph (b), after “412B(5) or (9)” insert “ or paragraph 38, 42 or 69 of Schedule 2A or paragraph 11, 16 or 20 of Schedule 2B ”.

Prospective

12(1)Section 395 (the FCA's and PRA's procedures) is amended as follows.U.K.

(2)In subsection (13) (meaning of “supervisory notice”)—

(a)for “section” (in the first place it occurs) substitute “ any of the following ”,

(b)at the beginning of each of paragraphs (za) to (g), other than paragraphs (bzb), (bzc), (bbzb) and (bba), paragraph (bbb) (inserted by Schedule 2 to this Act) and paragraph (ea) (inserted by Schedule 9 to this Act), insert “ section ”, and

(c)at the end insert—

(h)a provision of Schedule 2A listed in subsection (14);

(i)paragraph 18(3), (6) or (8)(b) of Schedule 2B.

(3)After subsection (13) insert—

(14)The provisions of Schedule 2A mentioned in subsection (13)(h) are—

(a)paragraph 29(3), (6) or (8)(b);

(b)paragraph 50(3), (6) or (8)(b);

(c)paragraph 60(3) or (6).

Prospective

13U.K.Omit section 409 (Gibraltar).

14U.K.In section 417(1) (definitions), at the appropriate places insert—

Gibraltar-based person” has the meaning given in paragraph 1 of Schedule 2A (read with Part 14 of that Schedule);,

Schedule 2A permission” has the meaning given in paragraph 12(4) of Schedule 2A;, and

Schedule 2B permission” has the meaning given in paragraph 7(6) of Schedule 2B;.

Prospective

15U.K.In section 418 (carrying on regulated activities in the United Kingdom), after subsection (5B) insert—

(5C)The eighth case is where—

(a)the person's head office or registered office is in the United Kingdom, and

(b)the person is carrying on a restricted activity (as defined in paragraph 3 of Schedule 2B) in Gibraltar.

16(1)Section 429 (parliamentary control of statutory instruments) is amended as follows.U.K.

(2)In subsection (2) (affirmative procedure)—

(a)after “90B” insert “ , 137AA(3), 137GA(2) ”, and

(b)after “333T” insert “ or paragraph 5, 6, 58(3)(a), 59(3)(a) or 60(8) of Schedule 2A ”.

(3)At the end insert—

(9)Any provision that may be made in a statutory instrument under this Act subject to annulment in pursuance of a resolution of either House of Parliament may be made in a statutory instrument which includes regulations under Schedule 2A a draft of which has been laid before Parliament and approved by a resolution of each House.

Prospective

17U.K.In paragraph 24 of Schedule 1ZA (services for which the FCA may not charge fees), after paragraph (b) insert , or

(c)a fee to be charged in respect of the discharge of the FCA's functions under paragraph 16 of Schedule 2A or paragraph 10 or 11 of Schedule 2B.

Prospective

18U.K.In paragraph 32 of Schedule 1ZB (services for which the PRA may not charge fees), after paragraph (b) insert , or

(c)a fee to be charged in respect of the discharge of any of the PRA's functions under paragraph 16 of Schedule 2A or paragraph 10 or 11 of Schedule 2B.

Prospective

Financial Services and Markets Act 2000 (Gibraltar) Order 2001 (S.I. 2001/3084)U.K.

19U.K.The Financial Services and Markets Act 2000 (Gibraltar) Order 2001 is revoked.

Yn ôl i’r brig

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan

Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?