The Financial Services and Markets Act 2000 (Gibraltar) Order 2001

Exercise by UK firms of deemed passport rights in Gibraltar

4.—(1) Schedule 3 applies in relation to the establishment by a UK firm of a branch in Gibraltar, or the provision by a UK firm of services in Gibraltar, as follows.

(2) A UK firm is to be treated as having an entitlement, corresponding to its EEA right, to establish a branch or provide services in Gibraltar.

(3) In relation to a UK firm, references in Schedule 3, the Passport Rights Regulations and article 77 of the Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001(1) to—

(a) “an EEA State” are to be treated as including references to Gibraltar;

(b) “an EEA right” are to be treated as including references to the entitlement mentioned in paragraph (2);

(c) rights deriving from a single market directive are to be treated as including references to that entitlement, so far as corresponding to those rights; and

(d) “EEA activities” are to be treated as including references to the activities which the firm is seeking to carry on in exercise of that entitlement.

(4) In paragraph 24(1)(b) of Schedule 3, the reference to the right conferred by Article 19 of the banking consolidation directive includes a reference to the entitlement mentioned in paragraph (2), so far as corresponding to that right.

(1)

S.I. 2001/2636.