Sch 2A para 26
(1) The appropriate UK regulator may not reject a notification unless— (a) it is required to do so under sub-paragraph (3) or (4), or (b) it has power to do under sub-paragraph (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 one or more of the requirements in paragraph 24(1). (4) The appropriate UK regulator must reject a notification if it would be required to do so by paragraph 18(2) or (3) if the notification were a notification under Part 3 of this Schedule relating to— (a) the Gibraltar-based person, and (b) the activities that the person would have a Schedule 2A permission to carry on if the permission were varied as specified in the notification. (5) The appropriate UK regulator may reject a notification if it would have power to do so under paragraph 19 or 20 if the notification were a notification under Part 3 of this Schedule relating to— (a) the Gibraltar-based person, and (b) the activities that the person would have a Schedule 2A permission to carry on if the permission were varied as specified in the notification. (6) The rejection of a notification does not prevent the Gibraltar regulator from giving a further notification.