Schedule 7, Part 3, paragraph 13

A Schedule 2B permission is varied in accordance with this paragraph when the following four conditions are satisfied in connection with the variation. The first condition is that the UK-based person has given the appropriate UK regulator notice of the proposed variation (a “variation notice”) (see paragraph 14). The second condition is that the appropriate UK regulator has given notice to the Gibraltar regulator consenting to the variation (a “consent to variation notice”) (see paragraph 15). 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 to variation notice. in relation to a variation in respect of an activity 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 to variation notice, and in relation to any other variation, the period of one month beginning with that day, The fourth condition is that the appropriate UK regulator has not cancelled the permission (see Part 4 of this Schedule).

← 2 · All articles · 1 →

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