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The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019

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Amendments of section 409 of Financial Services and Markets Act 2000

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2.—(1) Section 409 of the Financial Services and Markets Act 2000(1) (power to apply passporting provisions to Gibraltar) is amended as follows.

(2) In subsection (1)—

(a)in paragraph (b), for “EEA rights” substitute “the EEA rights that UK firms had immediately before exit day”;

(b)omit paragraph (c);

(c)omit paragraph (f).

(3) Omit subsection (4).

(4) In subsection (6), for “and “EEA right have” substitute “means a person whose head office is in the United Kingdom or is otherwise connected with the United Kingdom; and “EEA right” has”.

(5) After subsection (6) insert—

(7) For the purposes of this section, Schedule 3 and section 264, and regulations made under that Schedule or that section, continue to apply on and after exit day as they had effect immediately before exit day, but subject to any modifications specified in an order under this section.

(8) In relation to the exercise of Gibraltar-related market access rights and persons exercising those rights, the relevant legislation (as defined in subsections (11) and (12)) continues to apply on or after exit day as if it had not been repealed, revoked or amended by regulations under section 8 of the European Union (Withdrawal) Act 2018, but this is subject to—

(a)subsection (9), and

(b)any further modifications specified in an order under this section.

(9) The relevant legislation is to be read as if references to a person’s rights under any EU legislation were to the person’s rights deriving from that legislation.

(10) “Gibraltar-related market access rights” means

(a)rights conferred by virtue of subsection (1)(a) or (d), or

(b)the rights mentioned in subsection (1)(b).

(11) “The relevant legislation” means—

(a)in section 31 (authorised persons), subsection (1)(b);

(b)section 34 (EEA firms)(2);

(c)section 36 (persons authorised as a result of paragraph 1(1) of Schedule 5)(3);

(d)section 37 (exercise of EEA rights by UK firms);

(e)Part 13 (incoming firms: intervention by FCA or PRA) and regulations made under that Part;

(f)sections 266 to 269 (which relate to schemes recognised under section 264)(4);

(g)in Schedule 5 (persons concerned in collective investment schemes), paragraphs 1(1) and (2) and 2(1);

(h)the Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001(5);

(i)Part 4 (mergers) of the Undertakings for Collective Investment in Transferable Securities Regulations 2011(6);

(j)any other provision of primary or subordinate legislation which is repealed, revoked, amended or modified by the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018(7);

(k)any other provision of primary or subordinate legislation which is repealed, revoked, amended or modified on exit day by regulations under section 8(1) of the European Union (Withdrawal) Act 2018 and which relates to—

(i)authorisation by virtue of Part 2 of Schedule 3 or by virtue of paragraph 1(1) of Schedule 5, or persons authorised by virtue of those provisions,

(ii)the exercise by UK firms of EEA rights (as defined in Schedule 3), or

(iii)the recognition of collective investment schemes under section 264, or schemes so recognised.

(12) “The relevant legislation” does not include rules made by the FCA or the PRA..

(1)

2000 c. 8. Section 409(1) was amended but none of the amendments is relevant; subsection (4) was amended by S.I. 2011/1043.

(2)

Section 34 was amended by paragraph 27 of Part 3 of Schedule 3 to the Financial Services Act 2012 (c.21).

(3)

Section 36 was amended by paragraph 3 of part 1 of Schedule 18 to the Financial Services Act 2012.

(4)

Section 266 was amended by paragraph 9 of Schedule 18 of the Financial Services Act 2012 and S.I. 2003/2066; section 267 was amended by paragraph 13 of Schedule 18 to that Act; section 268 was amended by paragraph 14 of Schedule 18 to that Act and section 269 was amended by paragraph 15 of Schedule 18 to that Act.

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