Sch 2A para 18
(1) The appropriate UK regulator must reject a notification if satisfied that the notification does not satisfy one or more of the requirements in paragraph 15(1). (2) The appropriate UK regulator must reject a notification, so far as it relates to an activity, if the activity ceases to be an approved activity. (3) The appropriate UK regulator must reject a notification, so far as it relates to an approved activity, if satisfied that the Gibraltar-based person does not have permission from the Gibraltar regulator to carry on the corresponding activity in Gibraltar.