The Financial Services and Markets Act 2000 (Gibraltar) Order 2001

EEA firms satisfying conditions under Gibraltar law

3.—(1) A relevant EEA firm which—

(a) has satisfied Gibraltar establishment conditions (whether before or after commencement), and

(b) has (whether before or after commencement) established a branch in the United Kingdom for the purpose of carrying on any relevant activity,

is to be treated as having satisfied the establishment conditions within the meaning of Part II of Schedule 3, and accordingly qualifies for authorisation under paragraph 12(1) of that Schedule.

(2) A relevant EEA firm which—

(a) has satisfied Gibraltar service conditions (whether before or after commencement), and

(b) is carrying on any relevant activity by providing services in the United Kingdom,

is to be treated as having satisfied the service conditions within the meaning of Part II of Schedule 3, and accordingly qualifies for authorisation under paragraph 12(2) of that Schedule.

(3) Where a relevant EEA firm has (whether before or after commencement) established a branch, or is providing services, in Gibraltar (but not in the United Kingdom) in exercise of an EEA right, regulations 4 to 7 of the Passport Rights Regulations apply to changes affecting that firm (so far as those changes relate to the establishment of a branch, or the provision of services, in the United Kingdom) as they apply to changes affecting a firm which has established a branch, or is providing services, in the United Kingdom in exercise of an EEA right.

(4) In relation to a firm falling within paragraph (1) or (2)—

(a) the references in paragraph 15 of Schedule 3 to a “permitted activity” are references to a relevant activity; and

(b) the reference in paragraph 15(2) of Schedule 3 to the consent notice, regulator’s notice or notice of intention is a reference to whichever of the corresponding notices mentioned in paragraph (5)(d) is applicable.

(5) In this article—

(a) “commencement” means the beginning of the day on which section 19 of the Act comes into force;

(b) “Gibraltar establishment conditions” means conditions under the law of Gibraltar corresponding to those in paragraph 13(1) of Schedule 3; and

(c) “Gibraltar service conditions” means conditions under the law of Gibraltar corresponding to those in paragraph 14(1) of Schedule 3;

(d) “relevant activity” means an activity specified in the notice corresponding to—

(i) the consent notice (within the meaning of paragraph 13 of Schedule 3), or

(ii) the regulator’s notice or the notice of intention (within the meaning of paragraph 14 of Schedule 3),

as the case may be, which was given to the relevant authority in Gibraltar pursuant to the Gibraltar establishment conditions or the Gibraltar service conditions;

(e) “relevant EEA firm” means an EEA firm other than a Gibraltar-based firm.