Schedule 2A, Part 5, paragraph 36

The appropriate UK regulator may not reject a notification unless— it is required to do so under sub-paragraph (3), or it has power to do under sub-paragraph (4) or (5). A notification is rejected when the appropriate UK regulator gives a written notice of the rejection to the Gibraltar regulator. The appropriate UK regulator must reject a notification if satisfied that the notification does not satisfy a requirement in paragraph 34. 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. 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. The rejection of a notification does not prevent the Gibraltar regulator from giving a further notification.

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Source: legislation.gov.uk · retrieved 2026-09-04