Financial Services and Markets Act 2000

[F1 68 (1) A Gibraltar-based person ceases to be treated as having a permission by virtue of paragraph 64 or 65— U.K.

(a) when an event listed in sub-paragraph (2) first occurs, or

(b) if the appropriate UK regulator specifies an earlier date, on that date.

(2) Those events are—

(a) the person ceases to carry on the regulated activity in the United Kingdom;

(b) the person is given permission under Part 4A of this Act in respect of the regulated activity;

(c) the regulated activity ceases to be an approved activity;

(d) the person obtains (as appropriate)—

(i) a new Schedule 2A permission to carry on the activity referred to in paragraph 64(1), or

(ii) a new permission from the Gibraltar regulator to carry on the activity referred to in paragraph 65(1).

(3) If the appropriate UK regulator specifies a date for the purposes of sub-paragraph (1)(b), it may vary the date but only by specifying a later date.

(4) In sub-paragraph (2), references to “the regulated activity” are references (as appropriate) to—

(a) the regulated activity in respect of which the Gibraltar-based person is treated as having a Schedule 2A permission by virtue of paragraph 64, or

(b) the regulated activity corresponding to the activity in respect of which the Gibraltar-based person is treated as having permission from the Gibraltar regulator by virtue of paragraph 65.

(5) For the purposes of sub-paragraph (2)(c), a regulated activity does not cease to be an approved activity while it is treated as approved in relation to the Gibraltar-based person under Part 9 of this Schedule (with or without the restrictions under that Part).]

Textual Amendments

F1 Sch. 2A inserted (1.9.2023 for specified purposes) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 6 (as amended (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 100(3)(b)); S.I. 2023/934, reg. 2(a)