(1) Section 264 of the Act applies in relation to a collective investment scheme which is constituted in Gibraltar as it applied immediately before IP completion day in relation to a collective investment scheme constituted in another EEA State, and references in that section to the home state regulator shall include the authority responsible for such regulation in Gibraltar.

(2) The Financial Services and Markets Act 2000 (Collective Investment Schemes Constituted in Other EEA States) Regulations 2001 are to be read in relation to a collective investment scheme constituted in Gibraltar as if—

(a) in regulation 3, for the words from “in accordance with” to “that directive” there were substituted “ immediately before IP completion day would have been a UCITS to which the UCITS directive applied ”, and

(b) in regulation 4(b) after “referred to in” there were inserted “ the law of Gibraltar which implemented ”.

Exercise by UK firms of deemed passport rights in Gibraltar

The Passport Rights Regulations: Gibraltar-based firms

2A

(1) The Passport Rights Regulations apply in relation to a Gibraltar-based firm with the following further modifications.

(2) Regulation 1(2) is to be read as if—

(a) in the definition of “health insurance risks”, in paragraph (b), after “Directive” there were inserted “ (reading references in Article 206(2) of the Solvency 2 Directive to a Member State or home Member State as including the United Kingdom and Gibraltar) ”;

(b) in the definition of “national guarantee fund”—

(i) in paragraph (a), after “in accordance with” there were inserted “ the law of Gibraltar which implemented ”; and

(ii) in paragraph (b), after “provided for in” there were inserted “ the law of Gibraltar which implemented ”; and

(c) in the definition of “tied agent”, for “Article 4.1.29 of the markets in financial instruments directive” there were substituted “ Article 2(11) of Commission Delegated Regulation (EU) 2017/565 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive ”.

(3) Regulation 2 is to be read as if—

(a) in paragraph (2)(c) after “in accordance with” there were inserted “ the law of Gibraltar which implemented ”,

(b) in paragraph (3)—

(i) in sub-paragraph (c), after “as defined in” there were inserted “ the law of Gibraltar which preserves or corresponds to ”, and

(ii) in sub-paragraph (d), after “under” there were inserted “ the law of Gibraltar which preserves or corresponds to ”, and

(e) a statement by the Gibraltar Financial Services Commission attesting that the firm covers— (i) the Solvency Capital Requirement calculated in accordance with the law of Gibraltar which implemented Article 100 of the Solvency 2 Directive, and (ii) the minimum capital requirement calculated in accordance with the law of Gibraltar which implemented Article 129 of that directive.

(4) Regulation 2A(2) is to be read as if the words from “to which” to “applies” were omitted.

(5) Regulation 3 is to be read as if—

(a) in paragraph (3)—

(i) for paragraph (a) there were substituted—

(a) a statement of the classes of business specified in Annex 1 or 2 to the Solvency 2 Directive which the firm is authorised to carry on in accordance with the law of Gibraltar which implemented the Solvency 2 Directive;

, and

(ii) for paragraph (e) there were substituted—

(e) a statement by the Gibraltar Financial Services Commission attesting that the firm covers— (i) the Solvency Capital Requirement calculated in accordance with the law of Gibraltar which implemented Article 100 of the Solvency 2 Directive, and (ii) the minimum capital requirement calculated in accordance with the law of Gibraltar which implemented Article 129 of that directive.

(b) in paragraph (5)(c)(i), after “directive” there were inserted “ (reading that Annex as it would have applied immediately before IP completion day in relation to an AIFM established in Gibraltar and exercising an EEA right deriving from that directive) ”.

(6) Regulation 9A is to be read as if—

(a) in paragraph (3)(a) for “applies” there were substituted “ refers ”;

(b) paragraph (4) were omitted.

EEA firms satisfying conditions under Gibraltar law

Collective investment schemes constituted under Gibraltar law

Exercise by UK firms of deemed passport rights in Gibraltar

The Passport Rights Regulations: UK firms

5

(1) The Passport Rights Regulations apply in relation to a UK firm with the following further modifications.

(2) Regulation 1(2) is to be read as if in the definition of “tied agent”, for “Article 4.1.29 of the markets in financial instruments directive” there were substituted “ Article 2(11) of Commission Delegated Regulation (EU) 2017/565 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive ”.

(3) Regulation 17A is to be read as if—

(a) in paragraph (3)(f) after “directive” there were inserted “ (reading that Article as it would have applied immediately before IP completion day to a UK AIFM exercising an EEA right deriving from that directive) ”; and

(b) in paragraph (10)—

(i) in the definition of “depositary” for the words from “has” to the end there were substituted “ means a depositary appointed in accordance with provision that implemented Article 21 of the alternative investment fund managers directive ”;

(ii) in the definition of “feeder AIF”, after “directive” there were inserted “ (reading references to an AIF as references to an AIF as defined by regulation 3 of the Alternative Investment Fund Managers Regulations 2013) ”;

(iii) for the definition of “implementing provision” there were substituted—

“implementing provision” means— (a) a provision made in implementation of the alternative investment fund managers directive, (b) any EU regulation originally made under that directive which is assimilated direct legislation, and (c) any regulations made by the Treasury, or technical standards made by the FCA, under a power substituted for the power of an EU institution to make EU tertiary legislation under that directive,

and

(iv) in the definition of “master AIF”, after “directive” there were inserted “ (reading references to an AIF as references to an AIF as defined by regulation 3 of the Alternative Investment Fund Managers Regulations 2013) ”; and

(v) in the definition of “retail investor”, for the words from “has the meaning” to the end there were substituted “ means an investor who is not a professional client for the purposes of the markets in financial instruments regulation ”.

(4) Regulation 19 is to be read as if—

(a) in paragraph (2)(a), the words “(within the meaning of Article 13(7) of the Solvency 2 Directive)” were omitted; and

(b) after paragraph (2) there were inserted—

(3) In paragraph (2)(a) “reinsurance” has the meaning given in Article 13(7) of the Solvency 2 Directive, but reading— (a) references to an insurance undertaking, a reinsurance undertaking or a third country insurance undertaking in accordance with the definitions section 417(1) of the Act, and (b) the reference to a third country reinsurance undertaking in accordance with regulation 2(1) of the Solvency 2 Regulations 2015.

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