SCHEDULES
F1SCHEDULE 2AGibraltar-based persons carrying on activities in the UK
PART 13Co-operation and Assistance
Duties to co-operate
80
1
Each of the FCA, the PRA and the scheme manager must take such steps as they consider appropriate, for the purposes in sub-paragraph (2), to co-operate—
a
with each other and the Treasury (“the UK entities”), and
b
with the government of Gibraltar and the Gibraltar regulator (“the Gibraltar entities”).
2
Those purposes are—
a
to secure that they, and the Treasury, are able to perform their functions under this Schedule and section 32A, and
b
to secure that, so far as is reasonably possible, there is co-operation between the UK entities and the Gibraltar entities which the Treasury, having regard to the objectives in paragraph 7(1), consider adequate.
3
For the purposes of sub-paragraph (2), the FCA, the PRA and the scheme manager must, among other things, have regard to—
a
the memoranda and arrangements described in paragraph 9(4)(a) to (d),
b
reports laid before Parliament by the Treasury under section 32A, and
c
any guidance published by the Treasury.
4
Each of the FCA, the PRA and the scheme manager must ensure that one or more memoranda describing how it intends to comply with sub-paragraph (1) are prepared and maintained.
5
The steps taken for the purposes of sub-paragraph (1) may include arrangements for the sharing of information which the FCA, the PRA or the scheme manager is not prevented from disclosing.
6
When carrying out functions under this Schedule, the FCA and the PRA must, among other things, have regard to any relevant arrangements in force at the time for co-operation between the UK entities or for co-operation between those entities and the Gibraltar entities.
Publication and review of arrangements for co-operation
81
1
Each of the FCA, the PRA and the scheme manager must—
a
ensure that a copy of each memorandum describing how it intends to comply with paragraph 80(1), and of any other document recording arrangements that it enters into for the purpose of complying with paragraph 80(1), is given to the Treasury (unless the Treasury also entered into the arrangement),
b
ensure that each memorandum is published in the way appearing to it to be best calculated to bring it to the attention of the public, and
c
review the memoranda that it has in place for the purpose of complying with paragraph 80(1) at least once in each of the reporting periods described in section 32A.
2
Where the Treasury enter into arrangements with the FCA, the PRA, the scheme manager, the government of Gibraltar or the Gibraltar regulator for a purpose described in paragraph 80(2), they must—
a
ensure that any memorandum recording the arrangements is published in the way appearing to the Treasury to be best calculated to bring it to the attention of the public, and
b
review the memoranda that the Treasury have in place for a purpose described in paragraph 80(2) at least once in each of the reporting periods described in section 32A.
3
The Treasury must lay before Parliament a copy of any memorandum—
a
given to them under sub-paragraph (1), or
b
published in accordance with sub-paragraph (2)(a).
Provision of reports to assist the Treasury
82
1
A UK regulator or the scheme manager must, on a request from the Treasury, prepare and send to the Treasury a report on a matter specified in the request.
2
The Treasury may only make a request under this paragraph for a report that they reasonably require in connection with the exercise of their functions under—
a
this Schedule, or
b
section 32A.
3
A request for a report under this paragraph—
a
must be made in writing, and
b
may require the UK regulator or scheme manager to send the report to the Treasury before a date specified in the request.
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)