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)”.