The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019

Modification of Passport Rights Regulations U.K.

6.  After article 2 insert—

“The Passport Rights Regulations: Gibraltar-based firms

2A.— (1) The Passport Rights Regulations apply in relation to a Gibraltar-based firm with the following further modifications.

(2) Regulation 1(2) is to be read as if—

(a) in the definition of “health insurance risks”, in paragraph (b), after “Directive” there were inserted “ (reading references in Article 206(2) of the Solvency 2 Directive to a Member State or home Member State as including the United Kingdom and Gibraltar) ”;

(b) in the definition of “national guarantee fund”—

(i) in paragraph (a), after “in accordance with” there were inserted “ the law of Gibraltar which implemented ”; and

(ii) in paragraph (b), after “provided for in” there were inserted “ the law of Gibraltar which implemented ”; and

(c) in the definition of “tied agent”, for “Article 4.1.29 of the markets in financial instruments directive” there were substituted “ Article 2(11) of Commission Delegated Regulation (EU) 2017/565 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive M1 ”.

(3) Regulation 2 is to be read as if—

(a) in paragraph (2)(c) after “in accordance with” there were inserted “ the law of Gibraltar which implemented ”,

(b) in paragraph (3)—

(i) in sub-paragraph (c), after “as defined in” there were inserted “ the law of Gibraltar which preserves or corresponds to ”, and

(ii) in sub-paragraph (d), after “under” there were inserted “ the law of Gibraltar which preserves or corresponds to ”, and

(c) in paragraph (5), for sub-paragraph (e) there were substituted—

“(e) a statement by the Gibraltar Financial Services Commission attesting that the firm covers—

(i) the Solvency Capital Requirement calculated in accordance with the law of Gibraltar which implemented Article 100 of the Solvency 2 Directive, and

(ii) the minimum capital requirement calculated in accordance with the law of Gibraltar which implemented Article 129 of that directive.”

(4) Regulation 2A(2) is to be read as if for the words from “to which” to “applies” there were substituted “ which is required by the law of Gibraltar which implemented Article 28(2) of the capital requirements directive to have an initial capital of 730,000 euro ”.

(5) Regulation 3 is to be read as if—

(a) in paragraph (3)—

(i) for paragraph (a) there were substituted—

“(a) a statement of the classes of business specified in Annex 1 or 2 to the Solvency 2 Directive which the firm is authorised to carry on in accordance with the law of Gibraltar which implemented the Solvency 2 Directive;”, and

(ii) for paragraph (e) there were substituted—

“(e) a statement by the Gibraltar Financial Services Commission attesting that the firm covers—

(i) the Solvency Capital Requirement calculated in accordance with the law of Gibraltar which implemented Article 100 of the Solvency 2 Directive, and

(ii) the minimum capital requirement calculated in accordance with the law of Gibraltar which implemented Article 129 of that directive.”;

(b) in paragraph (5)(c)(i), after “directive” there were inserted “ (reading that Annex as it would have applied immediately before [F1 IP completion day] in relation to an AIFM established in Gibraltar and exercising an EEA right deriving from that directive) ”.

(6) Regulation 9A is to be read as if—

(a) in paragraph (3)(a) for “applies” there were substituted “ refers ”;

(b) paragraph (4) were omitted.”.

Textual Amendments

F1 Words in reg. 6 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. 32(c)

Modifications etc. (not altering text)

C1 Pts. 2, 3 applied (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 38 (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I1 Reg. 6 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Marginal Citations

M1 Article 2(11) is inserted by S.I. 2018/1043.