Sch 2A para 48
(1) The appropriate UK regulator may not reject a notification so far as it relates to a requirement 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 one or more of the requirements in paragraph 46. (4) The FCA may reject a notification, so far as it relates to a requirement, 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, so far as it relates to a requirement, 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 in respect of the same requirement.