The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019

2.  Regulation 2 M1 applies as if— U.K.

[F1 (a) in paragraph (1)—]

[F2 (i)] for the definition of “branch” there were substituted—

““branch” means a permanent presence of a UK insurer or a Gibraltarian insurer which is located in the territory of a country other than—

(a) the United Kingdom (in the case of a UK insurer);

(b) Gibraltar (in the case of a Gibraltarian insurer);”;

[F2 (ii)] in the definition of “directive reorganisation measure”, the reference in Article 268(1)(c) of the Solvency 2 Directive to competent authorities were a reference to competent authorities in the United Kingdom or in Gibraltar;

[F2 (iii)] in the definition of “directive winding up proceedings”, the reference in Article 268(1)(d) of the Solvency 2 Directive to competent authorities were a reference to competent authorities in the United Kingdom or in Gibraltar;

[F2 (iv)] the definitions of “EEA creditor”, “EEA insurer”, “EEA regulator” and “EEA State” were omitted;

[F2 (v)] in the appropriate places there were inserted—

““Gibraltarian insurer” means an undertaking pursuing the activity of direct insurance (within the meaning of the Solvency 2 Directive) which has received authorisation under the law of Gibraltar which was relied on by Gibraltar before [F3 IP completion day] to implement Article 14 or Article 162 of the Solvency 2 Directive from the Gibraltarian regulator;

“Gibraltarian regulator” means the Gibraltar Financial Services Commission;”;

[F2 (vi)] for the definition of “home state regulator” there were substituted—

““home state regulator” in relation to a Gibraltarian insurer, means the Gibraltar Financial Services Commission;”;

[F2 (vii)] the definition of “official language” were omitted;

[F2 (viii)] in the definition of “the Solvency 2 Directive”, at the end there were inserted “as it had effect immediately before [F4 IP completion day]”.

[F5 (b) in paragraph (2)—

(i) in sub-paragraphs (a) and (b), for “the relevant EEA State” both times it occurs, there were substituted “Gibraltar”;

(ii) the words after sub-paragraph (b) were omitted.]

Textual Amendments

F1 Words in Sch. 1 para. 2 inserted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 60(3)(a)

F2 Sch. 1 para. 2(a)-(h) renumbered as Sch. 1 para. 2(a)(i)-(viii) (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 60(3)(b)

F3 Words in Sch. 1 para. 2(e) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 40(g)(i)

F4 Words in Sch. 1 para. 2(h) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 40(g)(ii)

F5 Sch. 1 para. 2(b) inserted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 60(3)(c)

Commencement Information

I1 Sch. 1 para. 2 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M1 Regulation 2 was amended by S.I. 2007/108 and 2015/575. There are other amendments which are not relevant to this instrument.