Financial Services and Markets Act 2000 (Gibraltar) Order 2001
| Jurisdiction | UK Non-devolved |
| Citation | SI 2001/3084 |
| Year | 2001 |
2001 No. 3084
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Gibraltar) Order 2001
Made 11th September 2001
Laid before Parliament 11th September 2001
Coming into force
The Treasury, in exercise of the powers conferred on them by sections 409(1) and 428(3) of the Financial Services and Markets Act 20001, hereby make the following Order:
Citation, commencement and interpretation
1.—(1) This Order may be cited as the Financial Services and Markets Act 2000 (Gibraltar) Order 2001 and comes into force—
(a)
(a) for the purpose of making rules, on 5th October 2001;
(b)
(b) otherwise, on the day on which section 19 of the Act comes into force.
(2) In this Order—
“the Act” means the Financial Services and Markets Act 2000;
“Gibraltar-based firm” means a firm which has its head office in Gibraltar;
“the Passport Rights Regulations” means the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 20012;
“Schedule 3” means Schedule 3 to the Act.
Exercise of deemed passport rights by Gibraltar-based firms
2.—(1) Schedule 33applies in relation to a Gibraltar-based firm as follows.
(2) A Gibraltar-based firm falling within paragraph 5(b) or (c) of Schedule 3 is to be treated as having an entitlement, corresponding to its EEA right deriving from the banking consolidation directive so far as relating (only) to activities falling within items 1 to 6 in Annex 1 to that directive, to establish a branch or provide services in the United Kingdom.
(3) A Gibraltar-based firm falling within paragraph 5(d) of Schedule 3 is to be treated as having an entitlement, corresponding to its EEA right deriving from any of the insurance directives, to establish a branch or provide services in the United Kingdom.
(4) For the purposes of paragraphs (2) and (3), references in paragraph 5(b) and (d) of Schedule 3 to the home state regulator are to be treated as references to the competent authority (within the meaning of the relevant single market directive) in Gibraltar in relation to the Gibraltar-based firm concerned.
(5) In relation to such a Gibraltar-based firm as is mentioned in paragraph (2) or (3), references in Schedule 3, the Passport Rights Regulations and the Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 20014to—
(a)
(a) “an EEA State” are to be treated as references to Gibraltar;
(b)
(b) “an EEA right” are to be treated as references to the entitlement mentioned in paragraph (2) or (3);
(c)
(c) rights deriving from a single market directive are to be treated as references to that entitlement, so far as corresponding to those rights; and
(d)
(d) “EEA activities” are to be treated as references to the activities which the firm is seeking to carry on in exercise of that entitlement.
(6) Paragraph 16 of Schedule 3 does not apply to Gibraltar-based firms.
(7) For the avoidance of doubt, a Gibraltar-based firm which is exercising, or has exercised, the entitlement mentioned in paragraph (2) or (3) is to be taken to be an “incoming firm” for the purposes of Part XIII of the Act (incoming firms: intervention by the Authority); but section 199(7) of the Act has effect, in relation to such a Gibraltar-based firm, as if the words “and the Commission” were omitted.
EEA firms satisfying conditions under Gibraltar law
3.—(1) A relevant EEA firm which—
(a)
(a) has satisfied Gibraltar establishment conditions (whether before or after commencement), and
(b)
(b) has (whether before or after commencement) established a branch in the United Kingdom for the purpose of carrying on any relevant activity,
is to be treated as having satisfied the establishment conditions within the meaning of Part II of Schedule 3, and accordingly qualifies for authorisation under paragraph 12(1) of that Schedule.
(2) A relevant EEA firm which—
(a)
(a) has satisfied Gibraltar service conditions (whether before or after commencement), and
(b)
(b) is carrying on any relevant activity by providing services in the United...
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