SCHEDULES

[F1 SCHEDULE 2A U.K. Gibraltar-based persons carrying on activities in the UK

Textual Amendments

F1 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)

PART 9 U.K. Transition on withdrawal of approval of regulated activity etc

Restricting transitional permission U.K.

60 (1) Sub-paragraph (2) applies where— U.K.

(a) by virtue of paragraph 58(1), a regulated activity is treated as approved under this Schedule so far as carried on by a person, or

(b) by virtue of paragraph 59(1), an activity which the Gibraltar regulator has authorised, or may authorise, a person to carry on in Gibraltar is treated as corresponding to an approved activity so far as the approved activity is carried on by a person.

(2) The appropriate UK regulator may decide that the person may only carry on the regulated activity or approved activity (as appropriate) in the United Kingdom so far as is necessary for one or more of the following purposes—

(a) for the performance of a protected contract;

(b) in order to reduce the financial risk of a party to a protected contract or a third party affected by the performance of a protected contract;

(c) in order to transfer the property, rights or liabilities under a protected contract to a person authorised to carry on a regulated activity by virtue of section 31(1)(a);

(d) in order to comply with a requirement imposed by or under an enactment.

(3) If it proposes to make a decision under sub-paragraph (2), the appropriate UK regulator must give the person a written notice.

(4) The notice must—

(a) give details of the proposed decision, and

(b) inform the person that the person may make representations to the appropriate UK regulator within the period specified in the notice.

(5) The appropriate UK regulator may extend the period allowed under the notice for making representations.

(6) If, having considered any representations made by the person, the appropriate UK regulator decides to restrict the person's activities as described in sub-paragraph (2), it must—

(a) give the person a written notice (“a restriction notice”), and

(b) inform the Gibraltar regulator in writing without delay.

(7) A restriction notice must—

(a) specify the date on which it takes effect,

(b) inform the person of the person's right to refer the matter to the Tribunal (see paragraph 62), and

(c) indicate the procedure on a reference to the Tribunal.

(8) The Treasury may by regulations provide that a restriction notice may not specify a date falling before the end of a period specified or described in the regulations.

(9) In this paragraph—

• “the appropriate UK regulator” means—

  (a)

  in the case of a PRA-authorised person, the PRA, and

  (b)

  in any other case, the FCA;

• “enactment” includes—

  (a)

  assimilated legislation,

  (b)

  an enactment comprised in subordinate legislation,

  (c)

  an enactment comprised in, or in an instrument made under, a Measure or Act of Senedd Cymru,

  (d)

  an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament, and

  (e)

  an enactment comprised in, or in an instrument made under, Northern Ireland legislation;

• “protected contract” means a contract specified or described in a direction by the appropriate UK regulator under paragraph 61;

• “subordinate legislation” has the same meaning as in the Interpretation Act 1978 (see section 21 of that Act).

(10) In this paragraph, references to the performance of a protected contract include the performance of an obligation under the contract which is contingent or conditional.]