The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020

The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019

60.—(1) The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019(1) are amended as follows.

(2) In regulation 3 (the Credit Institutions (Reorganisation and Winding Up) Regulations 2004(2)), after the words “Gibraltarian credit institutions,” insert “investment firms and group companies”.

(3) In Schedule 1 (modifications to the Insurers (Reorganisation and Winding Up) Regulations 2004(3))—

(a) at the beginning of paragraph 2, after the words “Regulation 2 applies as if—” insert—

“(a) in paragraph (1)—”;

(b) in paragraph (2), re-number paragraphs (a) to (h) as (i) to (viii);

(c) at the end of paragraph 2, after sub-paragraph (viii) insert—

“(b) in paragraph (2)—

(i) in sub-paragraphs (a) and (b), for “the relevant EEA State” both times it occurs, there were substituted “Gibraltar”;

(ii) the words after sub-paragraph (b) were omitted.”;

(d) for paragraph 6 substitute—

“6.   Regulation 10 applies as if—

(a) in the heading, for “EEA regulators”, there were substituted “the Gibraltarian regulator”;

(b) for “EEA regulators in every EEA State”, both times it occurs, there were substituted “Gibraltarian regulator”.”.

(4) In Schedule 2 (modifications to the Credit Institutions (Reorganisation and Winding Up) Regulations 2004)—

(a) in paragraph 3, after sub-paragraph (b) insert—

“(c) paragraph (7A) were omitted.”;

(b) in paragraph 6, for “from the purposes of Articles 10” substitute “for the purposes of Articles 10”;

(c) in paragraph 7, for sub-paragraph (c) substitute—

“(c) for paragraph (4), there were substituted—

“(4) In this regulation, the “relevant person” means, if the UK credit institution has a branch in Gibraltar, the Gibraltarian regulator.””.

(1)

S.I. 2019/680, to which there are amendments not relevant to these Regulations.

(2)

S.I. 2004/1045; relevant amending instruments are S.I. 2019/38, and 2019/680.

(3)

S.I. 2004/353; relevant amending instruments are S.I. 2019/38 and 2019/680.