PART 5Amendment of secondary legislation

The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019I160

1

The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 201948 are amended as follows.

2

In regulation 3 (the Credit Institutions (Reorganisation and Winding Up) Regulations 200449), after the words “Gibraltarian credit institutions,” insert “investment firms and group companies”.

3

In Schedule 1 (modifications to the Insurers (Reorganisation and Winding Up) Regulations 200450)—

a

at the beginning of paragraph 2, after the words “Regulation 2 applies as if—” insert—

a

in paragraph (1)—

b

in paragraph (2), re-number paragraphs (a) to (h) as (i) to (viii);

c

at the end of paragraph 2, after sub-paragraph (viii) insert—

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.

d

for paragraph 6 substitute—

6

Regulation 10 applies as if—

a

in the heading, for “EEA regulators”, there were substituted “the Gibraltarian regulator”;

b

for “EEA regulators in every EEA State”, both times it occurs, there were substituted “Gibraltarian regulator”.

4

In Schedule 2 (modifications to the Credit Institutions (Reorganisation and Winding Up) Regulations 2004)—

a

in paragraph 3, after sub-paragraph (b) insert—

c

paragraph (7A) were omitted.

b

in paragraph 6, for “from the purposes of Articles 10” substitute “for the purposes of Articles 10”;

c

in paragraph 7, for sub-paragraph (c) substitute—

c

for paragraph (4), there were substituted—

4

In this regulation, the “relevant person” means, if the UK credit institution has a branch in Gibraltar, the Gibraltarian regulator.