SCHEDULES
SCHEDULE 2A

Gibraltar-based persons carrying on activities in the UK
PART 6

Requirements

Imposing requirements in connection with Part 3 or 4 notification
41
1
This paragraph applies where a UK regulator has received—
a
a notification for the purposes of paragraph 12 in respect of the carrying on of an activity by a Gibraltar-based person, or
b
a notification for the purposes of paragraph 22 in respect of the variation of a Gibraltar-based person's Schedule 2A permission.
2
A UK regulator may exercise the powers under this paragraph where it considers that it is desirable to do so in order to advance one or more of its objectives.
3
The FCA may impose requirements on the Gibraltar-based person.
4
The PRA may impose requirements on the Gibraltar-based person if—
a
the notification mentioned in sub-paragraph (1) relates to activities which consist of or include PRA-regulated activities, or
b
the Gibraltar-based person is a PRA-authorised person.
5
A requirement may not be imposed under this paragraph—
a
after the end of the period for considering the notification mentioned in sub-paragraph (1), or
b
so as to take effect before the end of that period.
6
In the case of the FCA, the reference in this paragraph to its objectives is a reference only to its operational objectives.
Sch. 2A inserted (1.9.2023 for specified purposes) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 6; S.I. 2023/934, reg. 2(a)