SCHEDULES
SCHEDULE 2A

Gibraltar-based persons carrying on activities in the UK
PART 2

Approved activities

Objectives
7
1
The Treasury may not make regulations under paragraph 5 or 6 unless they are satisfied that doing so is compatible with each of the following objectives—
a
to protect and enhance the soundness, stability and resilience of the UK financial system;
b
to protect and enhance public confidence in the UK financial system;
c
to prevent the use of the UK financial system for a purpose connected with financial crime;
d
to ensure that the relevant markets in the United Kingdom function well;
e
to protect consumers;
f
to protect the operation of the compensation scheme;
g
to protect public funds;
h
to maintain and improve relations between the United Kingdom and other countries and territories with significant financial markets or significant markets for financial services.
2
In this paragraph—
- “
consumers
” has the meaning given in section 1G;
- “
financial crime
” has the meaning given in section 1H;
- “
public funds
” means the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury;
- “
the relevant markets
” means the markets for services provided by persons carrying on the regulated activity or approved activity (as appropriate) to which the regulations relate.
Sch. 2A inserted (1.9.2023 for specified purposes) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 6 (as amended (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 100(3)(b)); S.I. 2023/934, reg. 2(a)