Schedule 5, paragraph 1

These Regulations apply as set out in sub-paragraphs (2) and (3) in relation to a firm which— has its head office in Gibraltar; and is authorised in Gibraltar to issue electronic money and provide payment services in accordance with Gibraltar legislation which implemented the electronic money directive. Such a firm is referred to in the following provisions of this Schedule as a Gibraltar-based firm. A Gibraltar-based firm is to be treated as having an entitlement, corresponding to the passport right deriving from the electronic money directive that such a firm had immediately before IP completion day, to establish a branch or provide services in the United Kingdom. Despite their amendment or revocation by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, the provisions of these Regulations listed in sub-paragraph (2B), as they had effect immediately before IP completion day, continue to apply for the purposes of this paragraph. The provisions referred to in sub-paragraph (2A) are as follows— in regulation 2 (interpretation), in paragraph (1), paragraph (c) of the definition of “electronic money issuer”; in regulation 4 (the register of electronic money issuers), in paragraph (2), the reference to paragraph (c) of the definition of electronic money issuer; in regulation 21 (safeguarding option 1), paragraph (7); in regulation 22 (safeguarding option 2), paragraph (3); regulation 25 (accounting and statutory audit); regulations 29A and 30 (passporting); in regulation 34 (requirement for agents to be registered), paragraph (3)(a)(iii); regulation 59A and Schedule 2A (credit agreements); regulation 63 (prohibition on issuing electronic money by persons other than electronic money issuers); in regulation 71 (duty to co-operate and exchange information), paragraph (1); in Schedule 3 (application and modification of legislation), paragraphs 2A and 3. In those provisions as applying for the purposes of this paragraph— references to an “EEA authorised electronic money institution” are to be read as references to the firm; references to the home state competent authority are to be read as references to the Gibraltar Financial Services Commission; references to a “passport right” are to be read as references to the entitlement mentioned in sub-paragraph (2); references to the authorisation of any person as a credit institution, custodian or insurer in accordance with a directive are to be read as a reference to authorisation in accordance with Gibraltar legislation which implemented the directive; references to a person's rights or entitlements are to be read as references to the rights or entitlements the person would have, if the person's rights or entitlements were being determined immediately before IP completion day.

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