Financial Services and Markets Act 2000

[F1 20 (1) The appropriate UK regulator may reject a notification if satisfied that the Gibraltar-based person— U.K.

(a) lost a relevant access right at any time, and

(b) poses, or is likely to pose, a serious threat to—

(i) the interests of consumers (as defined in section 1G), or

(ii) the soundness, stability and resilience of the UK financial system or a part of that system.

(2) The appropriate UK regulator may reject a notification if satisfied that—

(a) the Gibraltar-based person—

(i) is a member of the same group as a person that lost a relevant access right at any time, or

(ii) has close links with such a person (as defined in paragraph 2C(2) of Schedule 6), and

(b) given the nature of the relationship between that person and the Gibraltar-based person, the Gibraltar-based person poses, or is likely to pose, a serious threat to—

(i) the interests of consumers (as defined in section 1G), or

(ii) the soundness, stability and resilience of the UK financial system or a part of that system.

(3) For the purposes of this paragraph, a person lost a relevant access right if—

(a) its Part 4A permission was cancelled,

(b) its Schedule 2A permission was cancelled, or

(c) it ceased to qualify for authorisation under Schedule 3 (other than by virtue of the repeal of that Schedule).

(4) When deciding whether to reject a notification under this paragraph, the appropriate UK regulator must have regard, among other things, to the reasons why the person lost the relevant access right.]

Textual Amendments

F1 Sch. 2A inserted (1.9.2023 for specified purposes) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 6; S.I. 2023/934, reg. 2(a)