The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019

Regulation 3

SCHEDULE 2 U.K. Modifications to the Credit Institutions (Reorganisation and Winding Up) Regulations 2004

1.  The modifications to the Credit Institutions (Reorganisation and Winding Up) Regulations 2004 are as follows. U.K.

Commencement Information

I1 Sch. 2 para. 1 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

2.  Regulation 2 M1 applies as if— U.K.

(a) in paragraph (1)—

(i) in the definition of “branch”, for “an EEA or UK” there were substituted “ a UK or Gibraltar ”;

(ii) in the definition of “capital requirements directive”, at the end, there were inserted “as it had effect immediately before [F1 IP completion day]”;

(iii) in the definition of “capital requirements regulation”, at the end, there were inserted “as it forms part of domestic law under section 3 of the European Union (Withdrawal) Act 2018”;

(iv) in the definition of “directive reorganisation measure”, at the end, there were inserted “but does not include any “third-country resolution action” within the meaning of section 89H of the Banking Act 2009 M2 ”;

(v) in the definition of “directive winding-up proceedings”, the reference in the definition in Article 2 of the reorganisation and winding-up directive to “a Member State” were a reference to “Gibraltar”;

(vi) the definitions of “EEA credit institution”, “EEA creditor”, “EEA regulator” and “EEA State” were omitted;

(vii) in the appropriate places there were inserted—

““Gibraltarian credit institution” means a Gibraltar undertaking of the kind mentioned in Article 4(1)(1) and 4(1)(17) of the capital requirements regulation and subject to the exclusion of the undertakings referred to in Article 2(5)(2) to (23) of the capital requirements directive;

“Gibraltarian regulator” means the Gibraltar Financial Services Commission;”;

(viii) for the definition of “home state regulator” there were substituted—

““home state regulator” means the Gibraltar Financial Services Commission;”;

(ix) the definition of “official language” were omitted;

(x) in the definition of “recovery and resolution directive”, at the end, there were inserted “as it had effect immediately before [F1 IP completion day]”;

(xi) in the definition of “the reorganisation and winding up directive”, at the end, there were inserted “as it had effect immediately before [F1 IP completion day]”;

(b) in paragraph (2)—

(i) in sub-paragraphs (a) and (b), for “the relevant EEA State” both times it occurs, there were substituted “ Gibraltar ”;

(ii) the words after sub-paragraph (b) were omitted.

Textual Amendments

F1 Words in Sch. 2 para. 2(a)(x)(xi) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 40(h)(i)

Commencement Information

I2 Sch. 2 para. 2 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M1 Regulation 2 was amended by S.I. 2007/108; 2013/3115; 2014/3348. There are other amendments to regulation 2 which are not relevant to this instrument.

M2 2009 c. 1. Section 89H was inserted by S.I. 2014/3329.

3.  Regulation 3 M3 applies as if— U.K.

(a) for “an EEA credit institution”, each time it occurs, there were substituted “ a Gibraltarian credit institution ”;

(b) in paragraph (7), for “an incorporated EEA credit institution”, there were substituted “ an incorporated Gibraltarian credit institution ”.

[F2 (c) paragraph (7A) were omitted.]

Textual Amendments

F2 Sch. 2 para. 3(c) inserted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 60(4)(a)

Commencement Information

I3 Sch. 2 para. 3 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M3 Regulation 3 was amended by S.I. 2007/830 and 2014/3348.

4.  Regulation 4 M4 applies as if— U.K.

(a) in paragraphs (1) and (2), for “an EEA credit institution”, each time it occurs, there were substituted “ a Gibraltarian credit institution ”;

(b) in paragraphs (5) and (6), for “the EEA credit institution”, each time it occurs, there were substituted “ the Gibraltarian credit institution ”.

Commencement Information

I4 Sch. 2 para. 4 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M4 Regulation 4 was amended by S.I. 2011/1265.

5.  Regulation 5 M5 applies as if— U.K.

(a) in the heading, for “EEA credit institutions” there were substituted “ Gibraltarian credit institutions ”;

(b) for “an EEA insolvency measure” each time it occurs, there were substituted “ a Gibraltar insolvency measure ”;

(c) for “an EEA credit institution” each time it occurs, there were substituted “ a Gibraltarian credit institution ”;

(d) for “the relevant EEA State” each time it occurs, there were substituted “ Gibraltar ”;

(e) in paragraph (2), in the words after sub-paragraph (b), for “the EEA credit institution” there were substituted “ the Gibraltarian credit institution ”;

(f) in paragraph (3)(b), for “the EEA insolvency measure” there were substituted “ the Gibraltar insolvency measure ”;

(g) in paragraph (6)—

(i) in the definition of “EEA insolvency measure” for “EEA insolvency measure” there were substituted “ Gibraltar insolvency measure ”;

(ii) the definition of “relevant EEA State” were omitted.

Commencement Information

I5 Sch. 2 para. 5 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M5 Regulation 5 was amended by S.I. 2013/3115.

6.  Regulation 6 applies as if, in paragraphs (2) and (3), in the inserted text, the words from “ [F3 for the purposes of Articles 10]” to the end of the inserted text were omitted. U.K.

Textual Amendments

F3 Words in Sch. 2 para. 6 substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 60(4)(b)

Commencement Information

I6 Sch. 2 para. 6 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

7.  M6 Regulation 10 applies as if— U.K.

(a) in the heading, for “EEA regulators” there were substituted “ the Gibraltar regulator ”;

(b) in paragraph (3)—

(i) for “an EEA credit institution” there were substituted “ a Gibraltarian credit institution ”,

(ii) for “the home state regulator” there were substituted “ the Gibraltarian regulator ”;

[F4 (c) for paragraph (4), there were substituted—

“(4) In this regulation, the “relevant person” means, if the UK credit institution has a branch in Gibraltar, the Gibraltarian regulator.”]

Textual Amendments

F4 Sch. 2 para. 7(c) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 60(4)(c)

Commencement Information

I7 Sch. 2 para. 7 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M6 Regulation 10(3) was amended by S.I. 2013/472; 2014/3348; 2017/80.

8.  Regulation 12 M7 applies as if— U.K.

(a) in paragraph (3), for the words from “the relevant officer” to the end, there were substituted “ if the UK credit institution has a branch in Gibraltar, the relevant officer must publish, or cause to be published, in two newspapers circulating in Gibraltar, the information mentioned in paragraph (4) and (if applicable) paragraphs (5) or (6). ”.

(b) paragraph (12) were omitted.

Commencement Information

I8 Sch. 2 para. 8 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M7 Regulation 12(3) and (12) were amended by S.I. 2011/1043.

9.  Regulation 13 applies as if, in paragraph (3)(c)(i), for “an EEA State” there were substituted “ Gibraltar ”. U.K.

Commencement Information

I9 Sch. 2 para. 9 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

10.  Regulation 14 applies as if, in paragraph (6), the words from “and that heading” to the end were omitted. U.K.

Commencement Information

I10 Sch. 2 para. 10 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

11.  Regulations 15 and 18 are to be ignored. U.K.

Commencement Information

I11 Sch. 2 para. 11 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

12.  The heading to Part 4 is to be read as if, for “EEA rights” there were substituted “ Gibraltarian rights ”. U.K.

Commencement Information

I12 Sch. 2 para. 12 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

13.  Regulation 22 applies as if, in the heading, for “EEA rights” there were substituted “ Gibraltarian rights ”. U.K.

Commencement Information

I13 Sch. 2 para. 13 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

14.  Regulation 23 applies as if— U.K.

(a) in paragraph (1)—

(i) for “EEA employment contracts”, there were substituted “ Gibraltar employment contracts ”;

(ii) for “EEA employment relationships” there were substituted “ Gibraltar employment relationships ”;

(iii) for “the EEA State” there were substituted “ Gibraltar ”;

(b) in paragraph (2)—

(i) for “an EEA employment contract”, there were substituted “ a Gibraltar employment contract ”;

(ii) for “an EEA employment relationship” there were substituted “ Gibraltar employment relationship ”;

(iii) for “an EEA State” there were substituted “ Gibraltar ”.

Commencement Information

I14 Sch. 2 para. 14 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

15.  Regulation 24 applies as if— U.K.

(a) in paragraph (1)—

(i) for “an EEA State” there were substituted “ Gibraltar ”; and

(ii) for “that State” there were substituted “ Gibraltar ”;

(b) in paragraph (2), for “the EEA State in whose territory the property is situated” substitute “ Gibraltar ”.

Commencement Information

I15 Sch. 2 para. 15 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

16.  Regulation 25 applies as if— U.K.

(a) for “an EEA State” there were substituted “ Gibraltar ”; and

(b) for “that State” there were substituted “ Gibraltar ”.

Commencement Information

I16 Sch. 2 para. 16 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

17.  Regulation 26 applies as if, in paragraph (1), for “an EEA State”, there were substituted “ Gibraltar ”. U.K.

Commencement Information

I17 Sch. 2 para. 17 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

18.  Regulation 27 applies as if, for “an EEA State” both times it occurs, there were substituted “ Gibraltar ”. U.K.

Commencement Information

I18 Sch. 2 para. 18 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

19.  Regulation 29 M8 applies as if— U.K.

(a) in paragraph (1), for “regulated market operating in an EEA State” there were substituted “ UK regulated market, or a regulated market operating in Gibraltar ”;

(b) for paragraph (2), there were substituted—

“(2) For the purposes of this regulation, “UK regulated market” and “regulated market” have the meanings given in points 2.1.13A and 2.1.13 respectively of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, as that Regulation forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018, as modified by domestic law from time to time.”

Commencement Information

I19 Sch. 2 para. 19 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M8 Regulation 29 was amended by S.I. 2014/3348.

20.  Regulation 30 applies as if in the heading and in paragraph (1)(a), for “an EEA State” there were substituted “ Gibraltar ”. U.K.

Commencement Information

I20 Sch. 2 para. 20 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

21.  Regulation 31 M9 applies as if— U.K.

(a) in paragraph (1), for “an EEA State”, each time it occurs, there were substituted “ Gibraltar ”;

(b) in paragraph (2), for “the EEA State” there were substituted “ Gibraltar ”;

(c) in paragraph (3), insert at the end “ as that Directive has effect immediately before [F5 IP completion day]”.

Textual Amendments

F5 Words in Sch. 2 para. 21(c) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 40(h)(ii)

Commencement Information

I21 Sch. 2 para. 21 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M9 Regulation 31 was amended by S.I. 2007/126 and 2017/701.

22.  Regulation 32 applies as if, in paragraph (1), for “an EEA State” and “that EEA State”, there were substituted in each case “ Gibraltar ”. U.K.

Commencement Information

I22 Sch. 2 para. 22 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

23.  Regulation 33 applies as if— U.K.

(a) in paragraph (1), for “the relevant EEA State”, there were substituted “ Gibraltar ”;

(b) in paragraph (2)—

(i) in the definition of “relevant proprietary right” for “an EEA state” there were substituted “ Gibraltar ”;

(ii) the definition of “relevant EEA State” were omitted.

Commencement Information

I23 Sch. 2 para. 23 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

24.  Regulation 34 M10 applies as if, in paragraph (2)(c), for the words “any EEA State” to the end, there were substituted “ Gibraltar which was relied on before [F6 IP completion day] to implement these provisions; or ”. U.K.

Textual Amendments

F6 Words in Sch. 2 para. 24 substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 40(h)(iii)

Commencement Information

I24 Sch. 2 para. 24 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M10 Regulation 34 was substituted by S.I. 2014/332; 2014/3348.

25.  Regulation 35 M11 applies as if, in paragraph (2)(c), for the words “any EEA State” to the end, there were substituted “ Gibraltar which was relied on before [F7 IP completion day] to implement these provisions; or ”. U.K.

Textual Amendments

F7 Words in Sch. 2 para. 25 substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 40(h)(iv)

Commencement Information

I25 Sch. 2 para. 25 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M11 Regulation 35 was substituted by S.I. 2014/3329; 2014/3348.

26.  Regulations 36 to 38 are to be ignored. U.K.

Commencement Information

I26 Sch. 2 para. 26 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

27.  Regulation 39 M12 applies as if, for the definition of “EEA investment firm”, there were substituted— U.K.

“(a) “Gibraltarian investment firm” means an investment firm as defined in point (2) of Article 4(1) of the capital requirements regulation (as that regulation forms part of domestic law under section 3 of the European Union (Withdrawal) Act 2018) whose head office is in Gibraltar;”.

Commencement Information

I27 Sch. 2 para. 27 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M12 Regulation 39 was inserted, with regulations 40 to 49, by S.I. 2014/3348.

28.  Regulation 41 applies as if— U.K.

(a) in the heading and in the regulation, for “EEA investment firms” there were substituted “ Gibraltarian investment firms ”; and

(b) for “EEA credit institutions” there were substituted “ Gibraltarian credit institutions ”.

Commencement Information

I28 Sch. 2 para. 28 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

29.  Regulation 43 is to be ignored. U.K.

Commencement Information

I29 Sch. 2 para. 29 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

30.  Regulation 44 applies as if, in paragraph (a)— U.K.

(a) in the opening words, for “EEA” there were substituted “ Gibraltar ”;

(b) in the words after paragraph (iii), for “an EEA State other than the United Kingdom” there were substituted “ Gibraltar ”.

Commencement Information

I30 Sch. 2 para. 30 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

31.  Regulation 46 applies as if, in the heading and in the regulation, for “EEA”, each time it occurs, there were substituted “ Gibraltar ”. U.K.

Commencement Information

I31 Sch. 2 para. 31 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

32.  Regulations 47 to 49 are to be ignored. U.K.

Commencement Information

I32 Sch. 2 para. 32 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)