13. After Schedule 6 to the 2009 Regulations, insert—
Regulation 127
1.—(1) These Regulations apply in relation to a firm which—
(a)has its head office in Gibraltar; and
(b)is authorised in Gibraltar to provide payment services;
as follows.
(2) The firm is to be treated as having an entitlement, corresponding to its passport right deriving from the payment services directive, to establish a branch or provide services in the United Kingdom.
(3) References in these Regulations to—
(a)“an EEA authorised payment institution” are to be treated as references to the firm;
(b)“home state competent authority” are to be treated as references to the competent authority (within the meaning of the payment services directive) in Gibraltar in relation to the firm; and
(c)“passport rights” are to be treated as references to the entitlement mentioned in sub-paragraph (2).
2.—(1) For the purposes of these Regulations, an authorised payment institution is to be treated as having an entitlement, corresponding to its passport right, to establish a branch or provide services in Gibraltar.
(2) In relation to an authorised payment institution which establishes a branch, or provides services, in Gibraltar, references in these Regulations to—
(a)“EEA branch” are to be treated as including a reference to such a branch;
(b)“host state competent authority” are to be treated as including a reference to the competent authority (within the meaning of the payment services directive) in Gibraltar in relation to the institution;
(c)“passport rights” are to be treated as including references to the entitlement mentioned in sub-paragraph (1); and
(d)“EEA State” are to be treated as including references to Gibraltar.
3.—(1) Section 155(7) of the 2000 Act (consultation) has effect for the purposes of these Regulations as if modified by adding at the end “or if it is making rules for the purpose of extending rules that apply to EEA authorised payment institutions to Gibraltar-based firms”.
(2) Paragraph 14 of Schedule 17 to the 2000 Act (the ombudsman scheme) has effect for the purposes of these Regulations as if modified by adding at the end—
“(8) Sub-paragraphs (4), (5) and (6) above do not apply if the scheme operator is making rules for the purpose of extending rules that apply to EEA authorised payment institutions to Gibraltar-based firms.”.”.