31
A Schedule 2A permission may be cancelled in accordance with this Part of this Schedule— (a) on the initiative of the Gibraltar regulator (see paragraphs 32 to 36), or (b) on the initiative of a UK regulator (see paragraphs 37 to 39).
Financial Services and Markets Act 2000 PART 5 — Cancellation of permission
Cancellation of permission
Gibraltar regulator's initiative: notification
32
(1) If the appropriate UK regulator receives a notification from the Gibraltar regulator requesting the cancellation of a Gibraltar-based person's Schedule 2A permission (see paragraph 34), the permission is cancelled when the period for considering the notification ends (see paragraph 35). (2) A Schedule 2A permission is not cancelled under sub-paragraph (1) if, during the period for considering the notification— (a) the appropriate UK regulator rejects the notification (see paragraph 36), or (b) the Gibraltar regulator withdraws the notification. (3) References in this Part of this Schedule to a notification are references to a notification for the purposes of this paragraph.
Gibraltar regulator's initiative: the appropriate UK regulator
33
In relation to a notification, “ the appropriate UK regulator ” means— (a) the PRA, in a case where the Gibraltar-based person is a PRA-authorised person, and (b) the FCA, in any other case.
Gibraltar regulator's initiative: notifying the UK regulator
34
A notification must— (a) state the reason for requesting the cancellation of the permission, (b) state that the Gibraltar regulator consents to the cancellation, and (c) contain, or be accompanied by, any further information specified in a direction given by the appropriate UK regulator under paragraph 57 and in force when the notification is given.
Gibraltar regulator's initiative: considering a notification
35
(1) Where the appropriate UK regulator receives a notification, it must acknowledge receipt in writing without delay. (2) The period for considering a notification is— (a) where the Schedule 2A permission relates to one or more activities carried on through a branch in the United Kingdom, the period of two months beginning with the day on which the appropriate UK regulator receives the notification, and (b) otherwise, the period of one month beginning with that day. (3) If, before the end of the period described in sub-paragraph (2), the appropriate UK regulator gives the Gibraltar-based person a confirmation notice in respect of the notification, then the period for considering the notification ends when the notice is given. (4) A “confirmation notice” is a written notice confirming that the Schedule 2A permission is cancelled.
Gibraltar regulator's initiative: rejecting a notification
36
(1) The appropriate UK regulator may not reject a notification unless— (a) it is required to do so under sub-paragraph (3), or (b) it has power to do under sub-paragraph (4) or (5). (2) A notification is rejected when the appropriate UK regulator gives a written notice of the rejection to the Gibraltar regulator. (3) The appropriate UK regulator must reject a notification if satisfied that the notification does not satisfy a requirement in paragraph 34. (4) The FCA may reject a notification if it appears to the FCA that it is desirable to do so in order to advance one or more of its operational objectives. (5) The PRA may reject a notification if it appears to the PRA that it is desirable to do so in order to advance one or more of its objectives. (6) The rejection of a notification does not prevent the Gibraltar regulator from giving a further notification.
UK regulator's initiative
37
(1) The FCA may cancel a Schedule 2A permission where one of the own-initiative conditions is satisfied (see paragraph 28). (2) The PRA may cancel a PRA-authorised person's Schedule 2A permission where one of the own-initiative conditions is satisfied (see paragraph 28). (3) The appropriate UK regulator must cancel a Schedule 2A permission where— (a) the permission no longer enables the person to carry on an approved activity (whether by virtue of paragraph 13 or otherwise), and (b) the UK regulator is satisfied that it is no longer necessary to keep the permission in force. (4) In this paragraph, “ the appropriate UK regulator ” means— (a) the PRA, in a case where the Gibraltar-based person is a PRA-authorised person, and (b) the FCA, in any other case.
UK regulator's initiative: procedure
38
(1) If a UK regulator proposes to cancel a Gibraltar-based person's Schedule 2A permission under paragraph 37, it must give the person a warning notice. (2) If a UK regulator decides to cancel a Gibraltar-based person's Schedule 2A permission under paragraph 37, it must give the person a decision notice.
Right to refer matters to the Tribunal
39
If a UK regulator gives a Gibraltar-based person a decision notice under paragraph 38, the person may refer the matter to the Tribunal.
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