Schedule 5, paragraph 2

For the purposes of these Regulations, an authorised electronic money institution is to be treated as having an entitlement, corresponding to the passport right that such a firm had immediately before IP completion day, to establish a branch or provide services in Gibraltar. 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 (1B), 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 (1A) are as follows— regulations 28 to 30 (passporting); in regulation 33 (use of distributors and agents), paragraph (3); in regulation 34 (requirement for agents to be registered), paragraphs (2), (3), (5A), (10A), (10B) and (12A); in regulation 37 (duty to notify change in circumstance), paragraph (1)(a); regulation 71 (duty to co-operate). In relation to an authorised electronic money institution which establishes a branch or provides services in Gibraltar, those provisions are to be read as if— references to an “EEA branch” were references to such a branch; references to an “EEA State” were references to Gibraltar; references to the host state competent authority were references to the Gibraltar Financial Services Commission; and references to a “passport right” were references to the entitlement mentioned in sub-paragraph (1).

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