[F1PART 1U.K.Interpretation etc
Textual Amendments
F1Sch. 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)
Gibraltar-based personU.K.
1(1)In this Act, “Gibraltar-based person” means a person listed in sub-paragraph (2) which has its head office and, if it has one, its registered office in Gibraltar (and see also Part 14 of this Schedule).U.K.
(2)Those persons are—
(a)an individual,
(b)a body corporate,
(c)a partnership, or
(d)an unincorporated association.
RegulatorsU.K.
2(1)In this Schedule—U.K.
“the Gibraltar regulator” means the Gibraltar Financial Services Commission;
“UK regulator” means the FCA or the PRA.
(2)The Treasury may by regulations amend the definition of “the Gibraltar regulator” if they consider it appropriate to do so in consequence of a change in the law of Gibraltar.
Activities and branchesU.K.
3(1)In this Schedule, “approved activity” means a regulated activity for the time being approved by regulations under paragraph 5.U.K.
(2)For the purposes of this Schedule—
(a)“corresponding activity” means an activity corresponding to an approved activity, and
(b)references (however expressed) to an activity corresponding to an approved activity, or an approved activity corresponding to another activity, are to be interpreted in accordance with regulations under paragraph 6.
(3)In this Schedule, “branch” means—
(a)a place where a person carries on an activity for an indefinite period and which does not have legal personality, or
(b)any other description of place specified in regulations made by the Treasury.
UK regulators' objectivesU.K.
4U.K.For the purposes of any provision of this Schedule which refers to the FCA's operational objectives or the PRA's objectives, in relation to the exercise of a power in relation to a particular person, it does not matter whether there is a relationship between that person and the persons whose interests will be protected by the exercise of the power.]