F1SCHEDULE 2AGibraltar-based persons carrying on activities in the UK
PART 2Approved activities
Alignment of law and practice
8
(1)
The Treasury may not approve a regulated activity under paragraph 5, or identify an activity as corresponding to an approved activity under paragraph 6, unless they are satisfied that, having regard to the objectives in paragraph 7(1), the relevant law and practice of the United Kingdom and Gibraltar are sufficiently aligned.
(2)
In this paragraph, “the relevant law and practice” means—
(a)
in relation to the United Kingdom, law and practice under which the carrying on of what is or would be the approved activity is authorised and supervised and other law and practice relevant to the carrying on of that activity,
(b)
in relation to Gibraltar, law and practice under which the carrying on of what would be the corresponding activity is authorised and supervised and other law and practice relevant to the carrying on of that activity, and
(c)
in relation to both the United Kingdom and Gibraltar, law and practice relevant to the objectives in paragraph 7(1).
(3)
The reference to alignment between the law and practice of the United Kingdom and Gibraltar in sub-paragraph (1) includes both alignment as regards the effect of the law and practice and alignment of the text of the law and of any guidance or other documents relating to practice.