Schedule 7, Part 3, paragraph 15

After receiving a variation notice, the appropriate UK regulator must without delay— unless it intends to refuse to give a consent to variation notice in accordance with paragraph 16. give a consent to variation notice, and give a written notice to the UK-based person confirming that it has given the consent to variation notice, A consent to variation notice— may specify a shorter waiting period for the purpose of paragraph 13(4), and must contain, or be accompanied by, the variation notice. A notice under sub-paragraph (1)(b) must— state the date on which the consent to variation notice was given to the Gibraltar regulator, and if the consent notice specified a shorter waiting period for the purpose of paragraph 13(4), specify that period. Where a variation notice relates to more than one variation, the appropriate UK regulator may give a consent notice in relation to one variation and refuse to do so in relation to another.

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