(1)The Treasury may by order—
(a)modify Schedule 3 so as to provide for Gibraltar firms of a specified description to qualify for authorisation under that Schedule in specified circumstances;
(b)modify Schedule 3 so as to make provision in relation to the exercise by UK firms of rights under the law of Gibraltar which correspond to EEA rights;
(c)modify Schedule 4 so as to provide for Gibraltar firms of a specified description to qualify for authorisation under that Schedule in specified circumstances;
(d)modify section 264 so as to make provision in relation to collective investment schemes constituted under the law of Gibraltar;
F1(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(f)provide for this Act to apply to a Gibraltar recognised scheme as if the scheme were a scheme recognised under section 264.
(2)The fact that a firm may qualify for authorisation under Schedule 3 as a result of an order under subsection (1) does not prevent it from applying for a [F2Part 4A permission].
(3)“Gibraltar firm” means a firm which has its head office in Gibraltar or is otherwise connected with Gibraltar.
(4)“Gibraltar recognised scheme” means a collective investment scheme—
(a)constituted in an EEA State other than the United Kingdom, and
(b)recognised in Gibraltar under provisions which appear to the Treasury to give effect to the provisions of a relevant [F3EU] instrument.
(5)“Specified” means specified in the order.
(6)“UK firm” and “EEA right” have the same meaning as in Schedule 3.
Textual Amendments
F1S. 409(1)(e) omitted (1.7.2011) by virtue of The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(30)
F2Words in s. 409(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 23 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Word in s. 409(4) substituted (22.4.2011 with application in accordance with art. 3 of the amending S.I.) by virtue of The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), art. 6(1)(3)(4)