[Part 2 Permission Required to Carry on Activities in Gibraltar]
Financial Services and Markets Act 2000 (2000 c 8) | Legislation

[Part 2 Permission Required to Carry on Activities in Gibraltar]

[Prohibition

6

(1)     A UK-based person may not carry on a restricted activity in Gibraltar unless it has permission to do so under this Schedule.

(2)     A UK-based person who is not an authorised person and who contravenes the prohibition in sub-paragraph (1) commits an offence and is liable—

(a)     on summary conviction in England and Wales, to a fine;

(b)     on summary conviction in Scotland or Northern Ireland, to a fine not exceeding the statutory maximum;

(c)     on conviction on indictment, to a fine.

Obtaining permission to carry on a restricted activity in Gibraltar

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(1)     A UK-based person obtains permission to carry on a restricted activity in Gibraltar when the following three conditions are satisfied.

(2)     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 noticeâ€) (see paragraph 9).

(3)     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 noticeâ€) (see paragraph 10).

(4)

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