Section 409: Gibraltar., Financial Services and Markets Act 2000

The Treasury may by order—

modify Schedule 3 so as to provide for Gibraltar firms of a specified description to qualify for authorisation under that Schedule in specified circumstances;

modify Schedule 3 so as to make provision in relation to the exercise by UK firms of rights under the law of Gibraltar which correspond to the EEA rights that UK firms had immediately before IP completion day;

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modify section 264 so as to make provision in relation to collective investment schemes constituted under the law of Gibraltar;

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The fact that a firm may qualify for authorisation under Schedule 3 as a result of an order under subsection (1) does not prevent it from applying for a Part 4A permission.

"Gibraltar firm" means a firm which has its head office in Gibraltar or is otherwise connected with Gibraltar.

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"Specified" means specified in the order.

"UK firm" means a person whose head office is in the United Kingdom or is otherwise connected with the United Kingdom; and "EEA right" has the same meaning as in Schedule 3.

For the purposes of this section, Schedule 3 and section 264, and regulations made under that Schedule or that section, continue to apply on and after IP completion day as they had effect immediately before IP completion day, but subject to any modifications specified in an order under this section.

In relation to the exercise of Gibraltar-related market access rights and persons exercising those rights, the relevant legislation (as defined in subsections (11) and (12)) continues to apply on or after IP completion day as if it had not been repealed, revoked or amended by regulations under section 8 of the European Union (Withdrawal) Act 2018, but this is subject to—

subsection (9), and

any further modifications specified in an order under this section.

The relevant legislation is to be read as if references to a person's rights under any EU legislation were to the person's rights deriving from that legislation.

"Gibraltar-related market access rights" means

rights conferred by virtue of subsection (1)(a) or (d), or

the rights mentioned in subsection (1)(b).

"The relevant legislation" means—

in section 31 (authorised persons), subsection (1)(b);

section 34 (EEA firms);

section 36 (persons authorised as a result of paragraph 1(1) of Schedule 5);

section 37 (exercise of EEA rights by UK firms);

Part 13 (incoming firms: intervention by FCA or PRA) and regulations made under that Part;

sections 266 to 269 (which relate to schemes recognised under section 264);

in Schedule 5 (persons concerned in collective investment schemes), paragraphs 1(1) and (2) and 2(1);

the Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001;

Part 4 (mergers) of the Undertakings for Collective Investment in Transferable Securities Regulations 2011;

any other provision of primary or subordinate legislation which is repealed, revoked, amended or modified by the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018;

any other provision of primary or subordinate legislation which is repealed, revoked, amended or modified on IP completion day by regulations under section 8(1) of the European Union (Withdrawal) Act 2018 and which relates to—

authorisation by virtue of Part 2 of Schedule 3 or by virtue of paragraph 1(1) of Schedule 5, or persons authorised by virtue of those provisions,

the exercise by UK firms of EEA rights (as defined in Schedule 3), or

the recognition of collective investment schemes under section 264, or schemes so recognised.

"The relevant legislation" does not include rules made by the FCA or the PRA.

Section 409: Gibraltar.

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