There are outstanding changes not yet made by the legislation.gov.uk editorial team to Financial Services and Markets Act 2000. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Textual Amendments
F1Sch. 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)
41(1)This paragraph applies where a UK regulator has received—U.K.
(a)a notification for the purposes of paragraph 12 in respect of the carrying on of an activity by a Gibraltar-based person, or
(b)a notification for the purposes of paragraph 22 in respect of the variation of a Gibraltar-based person's Schedule 2A permission.
(2)A UK regulator may exercise the powers under this paragraph where it considers that it is desirable to do so in order to advance one or more of its objectives.
(3)The FCA may impose requirements on the Gibraltar-based person.
(4)The PRA may impose requirements on the Gibraltar-based person if—
(a)the notification mentioned in sub-paragraph (1) relates to activities which consist of or include PRA-regulated activities, or
(b)the Gibraltar-based person is a PRA-authorised person.
(5)A requirement may not be imposed under this paragraph—
(a)after the end of the period for considering the notification mentioned in sub-paragraph (1), or
(b)so as to take effect before the end of that period.
(6)In the case of the FCA, the reference in this paragraph to its objectives is a reference only to its operational objectives.]
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