F1SCHEDULE 2AGibraltar-based persons carrying on activities in the UK
PART 3Permission to carry on an approved activity
Power to reject: loss of access right and serious threat to the UK
20
(1)
The appropriate UK regulator may reject a notification if satisfied that the Gibraltar-based person—
(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.