F1SCHEDULE 5Gibraltar

Annotations:

Exercise of deemed passport rights by Gibraltar-based firms1

1

These Regulations apply as set out in sub-paragraphs (2) and (3) in relation to a firm which—

a

has its head office in Gibraltar; and

b

is authorised in Gibraltar to issue electronic money and provide payment services in accordance with the electronic money directive.

2

The firm is to be treated as having an entitlement, corresponding to its passport right deriving from the electronic money directive, to establish a branch or provide services in the United Kingdom.

3

References in these Regulations to—

a

an “EEA authorised electronic money institution” are to be treated as references to the firm;

b

a “home state competent authority” are to be treated as references to the competent authority (within the meaning of the electronic money directive) in Gibraltar in relation to the firm; and

c

a “passport right” are to be treated as references to the entitlement mentioned in sub-paragraph (2).