F1SCHEDULE 2AGibraltar-based persons carrying on activities in the UK
PART 5Cancellation of permission
Gibraltar regulator's initiative: considering a notification
35
(1)
Where the appropriate UK regulator receives a notification, it must acknowledge receipt in writing without delay.
(2)
The period for considering a notification is—
(a)
where the Schedule 2A permission relates to one or more activities carried on through a branch in the United Kingdom, the period of two months beginning with the day on which the appropriate UK regulator receives the notification, and
(b)
otherwise, the period of one month beginning with that day.
(3)
If, before the end of the period described in sub-paragraph (2), the appropriate UK regulator gives the Gibraltar-based person a confirmation notice in respect of the notification, then the period for considering the notification ends when the notice is given.
(4)
A “confirmation notice” is a written notice confirming that the Schedule 2A permission is cancelled.