Schedule 7, Part 2, paragraph 7

A UK-based person obtains permission to carry on a restricted activity in Gibraltar when the following three conditions are satisfied. The first condition is that the UK-based person has given the appropriate UK regulator notice that it wants to carry on the restricted activity in Gibraltar (a “Gibraltar notice”) (see paragraph 9). The second condition is that the appropriate UK regulator has given notice to the Gibraltar regulator consenting to the UK-based person carrying on the restricted activity in Gibraltar (a “consent notice”) (see paragraph 10). The third condition is that the waiting period has ended. In sub-paragraph (4), “the waiting period” means— unless the appropriate UK regulator specifies a shorter waiting period in the consent notice. in relation to an activity that is to be carried on through a branch in Gibraltar, the period of two months beginning with the day on which the appropriate UK regulator gave the Gibraltar regulator the consent notice, and in relation to any other activity, the period of one month beginning with that day, A permission under this paragraph is referred to in this Act as “a Schedule 2B permission”.

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