Amendments to the Financial Services and Markets Act 2000 (Gibraltar) Order 2001I13

1

The Financial Services and Markets Act 2000 (Gibraltar) Order 20013 is amended as follows.

2

In article 2 (exercised of deemed passport rights by Gibraltar-based firms)—

a

after paragraph (3A) insert—

3B

A Gibraltar-based firm falling within paragraph 5(da) of Schedule 3 is to be treated as having an entitlement, corresponding to its EEA right deriving from the reinsurance directive, to establish a branch or provide services in the United Kingdom.

b

in paragraph (4) for “and (3A)” substitute “, (3A) and (3B)” and after “5(a), (b), (d)” insert “, (da)”;

c

in paragraph (5)—

i

after “Passport Rights Regulations and” insert “(other than in relation to a Gibraltar-based firm falling within paragraph 5(da) of Schedule 3)”;

ii

for “or (3A)” wherever it occurs substitute “, (3A) or (3B)”; and

d

in paragraph (7) for “or (3A)” substitute “, (3A) or (3B)”.

3

In paragraph (5)(e) of article 3 (EEA firms satisfying conditions under Gibraltar law) after “means an EEA firm” insert “, other than a firm falling within paragraph 5(da) of Schedule 3,”.