The Financial Services and Markets Act 2000 (Gibraltar) Order 2001

Changes over time for: Section 4

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Changes and effects yet to be applied to Article 4:

Order revoked by 2021 c. 22 Sch. 8 para. 19
art. 2(5D)(c)(ii) words substituted by S.I. 2025/82 Sch. 9 para. 4(a)
art. 2(8)(a) words substituted by S.I. 2025/82 Sch. 9 para. 4(b)
art. 2(8)(b)(i)(bb) words substituted by S.I. 2025/82 Sch. 9 para. 4(b)
art. 2(8)(i)(i) words substituted by S.I. 2025/82 Sch. 9 para. 4(b)
art. 4(3A)(e) words substituted by S.I. 2025/82 Sch. 9 para. 4(c)
art. 4(3B)(e)(ii) words substituted by S.I. 2025/82 Sch. 9 para. 4(d)
art. 4(3D)(a)(i) words substituted by S.I. 2025/82 Sch. 9 para. 4(e)
art. 5(3)(b)(iii) words substituted by S.I. 2025/82 Sch. 9 para. 4(f)

Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:

Order revoked by 2021 c. 22 Sch. 8 para. 19

Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):

art. 2(5D)(c)(ii) words substituted by S.I. 2025/82 Sch. 9 para. 4(a)
art. 2(8)(a) words substituted by S.I. 2025/82 Sch. 9 para. 4(b)
art. 2(8)(b)(i)(bb) words substituted by S.I. 2025/82 Sch. 9 para. 4(b)
art. 2(8)(i)(i) words substituted by S.I. 2025/82 Sch. 9 para. 4(b)
art. 4(3A)(e) words substituted by S.I. 2025/82 Sch. 9 para. 4(c)
art. 4(3B)(e)(ii) words substituted by S.I. 2025/82 Sch. 9 para. 4(d)
art. 4(3D)(a)(i) words substituted by S.I. 2025/82 Sch. 9 para. 4(e)
art. 5(3)(b)(iii) words substituted by S.I. 2025/82 Sch. 9 para. 4(f)

Exercise by UK firms of deemed passport rights in GibraltarU.K.

4.—[F1(1) Schedule 3 applies in relation to—

(a)the establishment by a UK firm of a branch in Gibraltar, or the provision by a UK firm of services in Gibraltar, or

(b)the marketing in Gibraltar by a UK firm of units of a [F2UK UCITS as defined in section 237 of the Act],

as follows.]

(2) A UK firm is to be treated as having an entitlement, corresponding to [F3the EEA right that such a firm would have had immediately before IP completion day], to establish a branch [F4, ] provide services [F5or market the units referred to in paragraph (1)(b)] in Gibraltar.

(3) In relation to a UK firm, references in Schedule 3, the Passport Rights Regulations [F6[F7and article 77] of the Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001 F8...] to—

(a)“an EEA State” are to be treated as including references to Gibraltar;

(b)“an EEA right” are to be treated as including references to the entitlement mentioned in paragraph (2);

(c)rights deriving from a single market directive are to be treated as including references to that entitlement, so far as corresponding to [F9the rights that would before IP completion day have derived from that directive]; F10...

(d)“EEA activities” are to be treated as including references to the activities which the firm is seeking to carry on in exercise of that entitlement [F11; and

(e)“host state regulator” are to be treated as references to the Gibraltar Financial Services Commission.]

[F12(3A) Paragraph 19 of Schedule 3 is to be read as if—

(a)in sub-paragraph (4)(b)(i), “pursuant to the provisions of the UCITS directive” were omitted;

(b)for sub-paragraph (5ZA) there were substituted—

“(5ZA) This paragraph does not apply to a UK firm which is a reinsurance undertaking that only carries on—

(a)the activity consisting in accepting risks ceded by an insurance undertaking or third-country insurance undertaking, by another reinsurance undertaking or by a third-country reinsurance undertaking as defined in regulation 2(1) of the Solvency 2 Regulations 2015, or

(b)in the case of the association of underwriters known as Lloyd's, the activity consisting in accepting risks ceded by any member of Lloyd's, or by an insurance undertaking or reinsurance undertaking other than the association of underwriters known as Lloyd's.”;

(c)in sub-paragraph (5C) for “has the meaning given in Article 4.1.3 of the markets in financial instruments directive” there were substituted “ means any of the services and activities listed in Part 3A of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ”;

(d)in sub-paragraph (6) “authorised under the capital requirements directive” were omitted;

(e)in sub-paragraph (7BA)(c)(ii) for “any directly applicable EU regulation made under that directive” there were substituted “ any EU regulation originally made under that directive which is retained direct EU legislation, or any regulations made by the Treasury, or technical standards made by the FCA, under a power substituted for the power of an EU institution to make EU tertiary legislation under that directive ”;

(f)in sub-paragraph (7BB)(b) the words “pursuant to Article 6.1 of the alternative investment fund managers directive” were omitted;

(g)in sub-paragraph (12), paragraph (aa) (but not the “and” immediately after it) were omitted;

(h)sub-paragraph (12ZA) were omitted;

(i)in sub-paragraph (14)—

(i)in paragraph (a), for “in accordance with” there were substituted “ in implementation of ”;

(ii)in paragraph (b) for “are” there were substituted “ deal with matters that immediately before IP completion day were ”.

(3B) Paragraph 20 of Schedule 3 is to be read as if—

(a)in sub-paragraph (2B) for “has the meaning given in Article 4.1.3 of the markets in financial instruments directive” there were substituted “ means any of the services and activities listed in Part 3A of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ”;

(b)sub-paragraph (3B) were omitted;

(c)in sub-paragraph (3C)(a), for “as a management company pursuant to the provisions of the UCITS directive” there were substituted “ to carry on the activity specified in Article 51ZA(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (managing a UCITS) ”;

(d)in sub-paragraph (3D)(a)(ii), after “pursuant to” there were inserted “ provision made in implementation of ”; and

(e)in sub-paragraph (3E)—

(i)in paragraph (a), for “implementing” there were substituted “ that implemented ”; and

(ii)in paragraph (b), for “any directly applicable EU regulation made under that directive” there were substituted “ any EU regulation originally made under that directive which is retained direct EU legislation, or any regulations made by the Treasury, or technical standards made by the FCA, under a power substituted for the power of an EU institution to make EU tertiary legislation under that directive ”;

(f)in sub-paragraph (4BA) for “under the second sub-paragraph of Article 34.7 of that directive” there were substituted “ as to the identity of the remote members or participants of a multilateral trading facility operated by it ”;

(g)in sub-paragraph (4D) for “which falls within the second sub-paragraph of Article 2(1) of the Solvency 2 Directive” there were substituted “ which is a reinsurance undertaking which only conducts reinsurance activities ”;

(h)in sub-paragraph (4G), for “Community” there were substituted “ UK-Gibraltar ”;

(i)in sub-paragraph (4H)—

(i)in the opening words for “Community” there were substituted “ UK-Gibraltar ”;

(ii)in paragraph (b), for “the EEA” there were substituted “ the United Kingdom or Gibraltar ”;

(iii)in paragraph (c), for the words from “in an EEA State” to the end there were substituted “ in Gibraltar, in a case where the leading insurance undertaking is established in the United Kingdom, or from a head office or branch established in the United Kingdom, in a case where the leading insurance undertaking is established in Gibraltar ”;

(j)in sub-paragraph (4I)—

(i)in paragraph (a), for “Community” there were substituted “ UK-Gibraltar ”; and

(ii)paragraphs (c) and (d) were omitted.

(3C) Paragraph 20B of Schedule 3 is to be read as if—

(a)in sub-paragraph (1), for “UCITS established in the United Kingdom” there were substituted “ UK UCITS as defined in section 237 ”;

(b)the words “or in regulations made by the European Commission under the UCITS directive” were omitted;

(c)in sub-paragraph (3)(c), after “imposed by” there were inserted “ provision made in implementation of ”.

(3D) Paragraph 20C of Schedule 3 is to be read as if—

(a)in sub-paragraph (5)—

(i)in paragraph (a), for sub-paragraphs (i) and (ii) there were substituted—

“(i)the provisions that implemented the alternative investment fund managers directive,

(ii)any EU regulation originally made under that directive which is retained direct EU legislation, and

(iii)any regulations made by the Treasury, or technical standards made by the FCA, under a power substituted for the power of an EU institution to make EU tertiary legislation under that directive, and”, and

(ii)in paragraph (b)(ii), for “another EEA State” there were substituted “ an EEA State ”;

(b)in sub-paragraph (12), in the definitions of “feeder AIF” and “master AIF”, after “directive” there were inserted “ (reading references to an AIF as references to an AIF as defined by regulation 3 of the Alternative Investment Fund Managers Regulations 2013) ”.]

(4) In paragraph 24(1)(b) of Schedule 3, the reference to the right conferred by [F13Article 34 of the capital requirements directive] includes a reference to the entitlement mentioned in paragraph (2), so far as corresponding to [F14the right conferred by that Article before IP completion day].

[F15(5) Paragraph 28(1)(a) of Schedule 3 is to be read as if for “Article 20.1” there were substituted “ Article 20(1)(a) and (b) ”.

(6) Paragraph 29 of Schedule 3 is to be read as if—

(a)the words “in accordance with paragraph 5 of Article 45 of the alternative investment fund managers directive” were omitted;

(b)for “provide the information or to take the steps referred to in that paragraph” there were substituted “ provide the Gibraltar Financial Services Commission with information falling under its responsibility, or to take the necessary steps to put an end to a breach of the law of Gibraltar which implemented the alternative investment fund managers directive ”.]

Textual Amendments

F1Art. 4(1) substituted (24.8.2012) by The Financial Services and Markets Act 2000 (Gibraltar) (Amendment) Order 2012 (S.I. 2012/2017), arts. 1, 2(4)(a)

F2Words in art. 4(1)(b) substituted (31.12.2020) by The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/589), regs. 1(3), 9(2) (with reg. 12) (as amended by S.I. 2020/1274, regs. 1, 2); 2020 c. 1, Sch. 5 para. 1(1)