Sch 2A para 20
(1) The appropriate UK regulator may reject a notification if satisfied that the Gibraltar-based person— (a) lost a relevant access right at any time, and (b) poses, or is likely to pose, a serious threat to— (i) the interests of consumers (as defined in section 1G), or (ii) the soundness, stability and resilience of the UK financial system or a part of that system. (2) The appropriate UK regulator may reject a notification if satisfied that— (a) the Gibraltar-based person— (i) is a member of the same group as a person that lost a relevant access right at any time, or (ii) has close links with such a person (as defined in paragraph 2C(2) of Schedule 6), and (b) given the nature of the relationship between that person and the Gibraltar-based person, the Gibraltar-based person poses, or is likely to pose, a serious threat to— (i) the interests of consumers (as defined in section 1G), or (ii) the soundness, stability and resilience of the UK financial system or a part of that system. (3) For the purposes of this paragraph, a person lost a relevant access right if— (a) its Part 4A permission was cancelled, (b) its Schedule 2A permission was cancelled, or (c) it ceased to qualify for authorisation under Schedule 3 (other than by virtue of the repeal of that Schedule). (4) When deciding whether to reject a notification under this paragraph, the appropriate UK regulator must have regard, among other things, to the reasons why the person lost the relevant access right.