F1SCHEDULE 5Gibraltar
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).
Sch. 5 inserted (13.1.2018) by The Payment Systems and Services and Electronic Money (Miscellaneous Amendments) Regulations 2017 (S.I. 2017/1173), regs. 1(4), 5(d)