[Exercise by authorised electronic money institutions of [market access rights] in GibraltarU.K.
This section has no associated Explanatory Memorandum
2.—(1) For the purposes of these Regulations, an authorised electronic money institution is to be treated as having an entitlement, corresponding to [the passport right that such a firm had immediately before IP completion day,] to establish a branch or provide services in Gibraltar.
[(1A) Despite their amendment or revocation by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, the provisions of these Regulations listed in sub-paragraph (1B), as they had effect immediately before IP completion day, continue to apply for the purposes of this paragraph.
(1B) The provisions referred to in sub-paragraph (1A) are as follows—
(a)regulations 28 to 30 (passporting);
(b)in regulation 33 (use of distributors and agents), paragraph (3);
(c)in regulation 34 (requirement for agents to be registered), paragraphs (2), (3), (5A), (10A), (10B) and (12A);
(d)in regulation 37 (duty to notify change in circumstance), paragraph (1)(a);
(c)regulation 71 (duty to co-operate).]
[(2) In relation to an authorised electronic money institution which establishes a branch or provides services in Gibraltar, those provisions are to be read as if—
(a)references to an “EEA branch” were references to such a branch;
(b)references to an “EEA State” were references to Gibraltar;
(c)references to the host state competent authority were references to the Gibraltar Financial Services Commission; and
(e)references to a “passport right” were references to the entitlement mentioned in sub-paragraph (1).]]