Financial Services Act 2021
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Change 1
SCHEDULE 8 Gibraltar: minor and consequential amendments
Section 22 Financial Services and Markets Act 2000 (c. 8) 5 After section 137A insert— The FCA's general rules: Gibraltar 137AA (1) The FCA's general rules may not make provision prohibiting a Gibraltar-based person from carrying on, or holding itself out as carrying on, an activity which it has a Schedule 2A permission to carry on in the United Kingdom. (2) Subsection (1) does not apply to rules described in section 137C, 137D or 137FD. (3) The Treasury may by regulations impose other limitations on what provision applying to Gibraltar-based persons with a Schedule 2A permission to carry on a regulated activity may be made in the FCA's general rules, but may not impose limitations relating to rules described in section 137C, 137D or 137FD. (4) Before making regulations under subsection (3), the Treasury must consult the FCA. 6 After section 137G insert— The PRA's general rules: Gibraltar 137GA (1) The PRA's general rules may not make provision prohibiting a Gibraltar-based person from carrying on, or holding itself out as carrying on, an activity which it has a Schedule 2A permission to carry on in the United Kingdom. (2) The Treasury may by regulations impose other limitations on what provision applying to Gibraltar-based persons with a Schedule 2A permission to carry on a regulated activity may be made in the PRA's general rules. (3) Before making regulations under subsection (2), the Treasury must consult the PRA. 7 In section 213 (the compensation scheme), after subsection (9) insert— (10A) 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. (10B) Regulations prescribing a category of person for the purposes of subsection (10A) 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. 9 In section 224 (scheme manager's power to inspect documents held by Official Receiver etc), before subsection (4A) insert— (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. 14 In section 417(1) (definitions), at the appropriate places insert— “Gibraltar-based person” has the meaning given in paragraph 1 of Schedule 2A (read with Part 14 of that Schedule); , “Schedule 2A permission” has the meaning given in paragraph 12(4) of Schedule 2A; , and “Schedule 2B permission” has the meaning given in paragraph 7(6) of Schedule 2B; . 16 (1) Section 429 (parliamentary control of statutory instruments) is amended as follows. (2) In subsection (2) (affirmative procedure)— (a) after “90B” insert “ , 137AA(3), 137GA(2) ”, and (b) after “333T” insert “ or paragraph 5, 6, 58(3)(a), 59(3)(a) or 60(8) of Schedule 2A ”. (3) At the end insert— (9) Any provision that may be made in a statutory instrument under this Act subject to annulment in pursuance of a resolution of either House of Parliament may be made in a statutory instrument which includes regulations under Schedule 2A a draft of which has been laid before Parliament and approved by a resolution of each House. Subsidy Control Act 2022 20 (1) The Subsidy Control Act 2022 is amended as follows. (2) In section 25 (meaning of “deposit taker”) in subsection (1) omit paragraph (b) and the “or” preceding it. (3) In section 26 (meaning of “insurance company”) in subsection (1) omit paragraph (b) and the “or” preceding it. (4) In section 27 (subsidies for insurers that provide export credit insurance) in subsection (2), in the definition of “insurer”, omit paragraph (b) and the “or” preceding it.
SCHEDULE 8 Gibraltar: minor and consequential amendments
Section 22 Financial Services and Markets Act 2000 (c. 8) 5 After section 137A insert— The FCA's general rules: Gibraltar 137AA (1) The FCA's general rules may not make provision prohibiting a Gibraltar-based person from carrying on, or holding itself out as carrying on, an activity which it has a Schedule 2A permission to carry on in the United Kingdom. (2) Subsection (1) does not apply to rules described in section 137C, 137D or 137FD. (3) The Treasury may by regulations impose other limitations on what provision applying to Gibraltar-based persons with a Schedule 2A permission to carry on a regulated activity may be made in the FCA's general rules, but may not impose limitations relating to rules described in section 137C, 137D or 137FD. (4) Before making regulations under subsection (3), the Treasury must consult the FCA. 6 After section 137G insert— The PRA's general rules: Gibraltar 137GA (1) The PRA's general rules may not make provision prohibiting a Gibraltar-based person from carrying on, or holding itself out as carrying on, an activity which it has a Schedule 2A permission to carry on in the United Kingdom. (2) The Treasury may by regulations impose other limitations on what provision applying to Gibraltar-based persons with a Schedule 2A permission to carry on a regulated activity may be made in the PRA's general rules. (3) Before making regulations under subsection (2), the Treasury must consult the PRA. 7 In section 213 (the compensation scheme), after subsection (9) insert— (10A) 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. (10B) Regulations prescribing a category of person for the purposes of subsection (10A) 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. 9 In section 224 (scheme manager's power to inspect documents held by Official Receiver etc), before subsection (4A) insert— (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. 14 In section 417(1) (definitions), at the appropriate places insert— “Gibraltar-based person” has the meaning given in paragraph 1 of Schedule 2A (read with Part 14 of that Schedule); , “Schedule 2A permission” has the meaning given in paragraph 12(4) of Schedule 2A; , and “Schedule 2B permission” has the meaning given in paragraph 7(6) of Schedule 2B; . 16 (1) Section 429 (parliamentary control of statutory instruments) is amended as follows. (2) In subsection (2) (affirmative procedure)— (a) after “90B” insert “ , 137AA(3), 137GA(2) ”, and (b) after “333T” insert “ or paragraph 5, 6, 58(3)(a), 59(3)(a) or 60(8) of Schedule 2A ”. (3) At the end insert— (9) Any provision that may be made in a statutory instrument under this Act subject to annulment in pursuance of a resolution of either House of Parliament may be made in a statutory instrument which includes regulations under Schedule 2A a draft of which has been laid before Parliament and approved by a resolution of each House. Subsidy Control Act 2022 20 (1) The Subsidy Control Act 2022 is amended as follows. (2) In section 25 (meaning of “deposit taker”) in subsection (1) omit paragraph (b) and the “or” preceding it. (3) In section 26 (meaning of “insurance company”) in subsection (1) omit paragraph (b) and the “or” preceding it. (4) In section 27 (subsidies for insurers that provide export credit insurance) in subsection (2), in the definition of “insurer”, omit paragraph (b) and the “or” preceding it.
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