Amendment of the Financial Services and Markets Act 2000 (Gibraltar) Order 20012

1

The Financial Services and Markets Act 2000 (Gibraltar) Order 20012 is amended as follows.

2

In article 2—

a

after paragraph (3B)3, insert—

3C

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

b

in paragraph (4)—

i

for “and (3B)” substitute “, (3B) and (3C)”;

ii

for “and (e)” substitute “, (e) and (f)”;

c

in paragraph (5)—

i

for “or (3B)” on each occasion it occurs substitute “, (3B) or (3C)”;

ii

for the first “and”, substitute “,”;

iii

after “the Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001” insert “, and Part 4 of the Undertakings for Collective Investment in Transferable Securities Regulations 2011”;

d

in paragraph (7)—

i

omit “For the avoidance of doubt,”;

ii

for “or (3B)” substitute “, (3B) or (3C)”;

iii

omit from “; but section 199(7)” to the end;

e

after paragraph (7), insert—

8

For the purposes of paragraph (7)—

a

sections 194A(7) and 199(7) have effect as if “, ESMA and the Commission” were omitted;

b

sections 195A(11) and 199(10) are disapplied.

3

After article 3, insert—

Collective investment schemes constituted under Gibraltar law3A

Section 264 of the Act applies in relation to a collective investment scheme which is constituted in Gibraltar as it applies in relation to a collective investment scheme constituted in another EEA State, and references in that section to the home state regulator shall include the authority responsible for such regulation in Gibraltar.

4

In article 4—

a

for paragraph (1) substitute—

1

Schedule 3 applies in relation to—

a

the establishment by a UK firm of a branch in Gibraltar, or the provision by a UK firm of services in Gibraltar, or

b

the marketing in Gibraltar by a UK firm of units of a UCITS (as defined in Article 1.2 of the UCITS directive) established in the UK,

as follows.

b

in paragraph (2), for “or” substitute “,” and after “services” insert “or market the units referred to in paragraph (1)(b)”.