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

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The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019, Paragraph 2 is up to date with all changes known to be in force on or before 29 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):

  • reg. 11(5)(z3)(z4) inserted by S.I. 2019/1370 reg. 3 (This amendment not applied to legislation.gov.uk. The affecting statutory instrument has no legal effect. It was made under a procedure which meant that it ceased to have effect 28 days after signing unless it was debated and approved in Parliament within that time. It was not debated and approved within 28 days, so it has expired with no effect.)
This section has no associated Explanatory Memorandum

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 [F3IP 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 [F4IP 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

F2Sch. 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)

Commencement Information

I1Sch. 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

M1Regulation 2 was amended by S.I. 2007/108 and 2015/575. There are other amendments which are not relevant to this instrument.

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