4ZA

But a person is not to be regarded as a relevant person in relation to a regulated activity if, at that time, the person—

a

was a Gibraltar-based person with a Schedule 2A permission to carry on the activity, and

b

fell within a prescribed category, either generally or in relation to the activity.

4ZB

Regulations prescribing a category of person for the purposes of subsection (4ZA) may, among other things, make provision by reference to—

a

whether the activity is carried on through a branch in the United Kingdom;

b

the level of protection provided by the compensation scheme and by any comparable scheme operating in Gibraltar.