The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019

Document Number:2019 No. 680
 
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Statutory Instruments

Exiting The European Union

Financial Services

Made

26 th March 2019

Coming into force in accordance with regulation 1

A draft of these Regulations has been approved by a resolution of each House of Parliament in accordance with paragraph 1(1) of Schedule 7 to the European Union (Withdrawal) Act 2018(1).

The Treasury make the following Regulations in exercise of the powers conferred by section 8(1) of, and paragraph 21 of Schedule 7 to, that Act.

PART 1 Introduction

Citation, commencement and interpretation

  1. —(1) These Regulations may be cited as the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019.

    (2) Regulations 2 , 3 , 4 , 5 , 11 and Schedules 1 and 2 come into force on exit day.

    (3) The other provisions in these Regulations come into force immediately before exit day.

    (4) In these Regulations—

    (a) the “CIIU (EU Exit) Regulations 2019” means the Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019(2);

    (b)“Gibraltarian insurer” means an undertaking pursuing the activity of direct insurance (within the meaning of Directive 2009/138/EC of the European Parliament and of the Council on the taking up and pursuit of the business of Insurance and Reinsurance (“Solvency 2 Directive”) which has received authorisation under the law of Gibraltar which was relied on by Gibraltar before exit day to implement Article 14 or Article 162 of the Solvency 2 Directive from the Gibraltarian regulator”

    PART 2 Gibraltar related amendments

    The Insurers (Reorganisation and Winding Up) Regulations 2004

  2. —(1) The Insurers (Reorganisation and Winding Up) Regulations 2004(3) apply in relation to the winding up or reorganisation of Gibraltarian insurers, or the determination of Gibraltarian rights in relation to the winding-up or reorganisation of UK insurers—

    (a) as if the amendments made by the CIIU (EU Exit) Regulations 2019 had not been made; and

    (b) subject to the modifications set out in Schedule 1.

    The Credit Institutions (Reorganisation and Winding Up) Regulations 2004

  3. The Credit Institutions (Reorganisation and Winding Up) Regulations 2004(4) apply in relation to the winding up or reorganisation of Gibraltarian credit institutions, or the determination of Gibraltarian rights in relation to the winding-up or reorganisation of UK credit institutions—

    (a) as if the amendments made by the CIIU (EU Exit) Regulations 2019 had not been made; and

    (b) subject to the modifications set out in Schedule 2.

    The Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005

  4. —(1) The Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005(5) apply in relation to the winding up or reorganisation of Gibraltarian insurers, or the determination of Gibraltarian rights in relation to the winding-up or reorganisation of UK insurers—

    (a) as if the amendments made by the CIIU (EU Exit) Regulations 2019 had not been made; and

    (b) subject to the modifications set out in paragraphs (2) to (8).

    (2) Regulation 2(6) applies as if, in paragraph (1)—

    (a) in the definition of “the association of underwriters known as Lloyd’s”, at the end there were inserted “as it had effect immediately before exit day”;

    (b) in the definition of “overseas insurance business”, for “an EEA State” there were substituted “the United Kingdom or Gibraltar”.

    (3) Regulation 10(7) applies as if, in paragraph (2)—

    (a) for “the EEA regulators” there were substituted “the Gibraltarian regulators”;

    (b)“in every EEA State” was omitted.

    (4) Regulation 34 applies as if, in the heading, for “EEA regulators” there were substituted “Gibraltarian regulators”.

    (5) Regulation 37 applies as if—

    (a) in the heading, for “EEA creditor”, there were substituted “Gibraltarian creditor”;

    (b) for “EEA creditors”, there were substituted “Gibraltarian creditors”;

    (c) for “an EEA creditor”, each time it occurs, there were substituted “a Gibraltarian creditor”.

    (6) Regulation 45(8) applies as if, in paragraph (1) , for “EEA” there were substituted “Gibraltarian”.

    (7) Regulation 46 applies as if, in paragraph (4) , for “EEA” there were substituted “Gibraltarian”.

    (8) Regulation 48 is to be ignored.

    The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

  5. In Part 1 of Schedule 3 to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005(9)—

    (a) in the heading to the Part, after “EEA” insert “or Gibraltar”;

    (b) in sub-paragraph (a) , after “an EEA State” insert “or in Gibraltar”;

    (c) in sub-paragraph (b) , after “situated” insert “or (where its head office is situated in Gibraltar) , in Gibraltar”.

    The Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018

  6. In Regulation 6(2) of the Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018(10) , in point (A2) of the inserted text—

    (a) in point (a) , at the end, omit “and”;

    (b) at the end of point (b) , insert—

    “and

    (c) Gibraltar;”.

    The Friendly Societies (Amendment) (EU Exit) Regulations 2018

  7. —(1) The Friendly Societies (Amendment) (EU Exit) Regulations 2018(11) are amended as follows.

    (2) In regulation 9 , in the new paragraph (a) , after “United Kingdom” insert “or Gibraltar”.

    (3) In regulation 10 , in the new paragraph (a) , after “United Kingdom” insert “or Gibraltar”.

    (4) In regulation 12(a)(i) , in the new text, after “the United Kingdom” insert “or Gibraltar”.

    The Market Abuse (Amendment) (EU Exit) Regulations 2019

  8. —(1) The Market Abuse (Amendment) (EU Exit) Regulations 2019 are amended as follows.

    (2) In regulation 9(2)—

    (a) in sub-paragraph (a)(i)—

    (i) in paragraph (aa) , after “UK regulated market” insert “, Gibraltar regulated market”;

    (ii) in paragraph (bb) , after “UK MTF” insert “, Gibraltar MTF”;

    (iii) in paragraph (cc) , after “UK OTF” insert “, Gibraltar OTF”;

    (b) for sub-paragraph (b) , substitute—

    “(b) in paragraph 4 , for “the Union and in a third country” substitute “the United Kingdom, in Gibraltar and in a third country”.”.

    (3) In regulation 10(2)—

    (a) in paragraph (e) , in the inserted text—

    (i) after point (6 B) , insert—

    “(6 C) ‘Gibraltar regulated market’ means a regulated market which is authorised and functions regularly and in accordance with Part 3 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar(12);”;

    (ii) after point (7 B) , insert—

    “(7 C) ‘Gibraltar multilateral trading facility’ or ‘Gibraltar MTF’ means a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments (in the system and in accordance with non-discretionary rules) in a way which results in a contract in accordance with Part 2 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar;”;

    (iii) after point (8 B) , insert—

    “(8 C) ‘Gibraltar organised trading facility’ or ‘Gibraltar OTF’ means a multilateral system—

    (a) which is not a regulated market or an MTF;

    (b) in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract, in accordance with Part 2 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar;”;

    (b) in paragraph (g) , in the inserted text, after point (10 B) , insert—

    “(10 C) ‘Gibraltar trading venue’ means a Gibraltar regulated market, a Gibraltar MTF or a Gibraltar OTF;”;

    (c) in paragraph (j)—

    (i) after “the United Kingdom”, the first time it occurs, insert “or Gibraltar”;

    (ii) after “the United Kingdom” the second time it occurs, insert “or Gibraltar respectively”;

    (d) in paragraph (q) , in the inserted text, after point (36) , insert—

    “(36 A) ‘GFSC’ means the Financial Services Commission of Gibraltar;”.

    (4) In regulation 10(3) , after “UK trading venue” insert “, Gibraltar trading venue”.

    (5) In regulation 10(5)—

    (a) in sub-paragraph (a)(i) , after “FCA” insert “, GFSC”;

    (b) in sub-paragraph (b) , after point (b) of the new paragraph 3 , insert—

    “(c) where shares have been admitted to trading or are traded on a Gibraltar trading venue, the issuer must report to the GFSC each transaction relating to the buy-back programme, including the information referred to in Article 5(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (as it applies in Gibraltar after exit day).”;

    (c) in sub-paragraph (c)(i) , after point (ii) of the new point (b) , insert—

    “(iii) where the securities or associated instruments are traded on a Gibraltar trading venue, to the GFSC in accordance with Article 5(5) of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (as it applies in Gibraltar after exit day).”;

    (d) in sub-paragraph (e) , in the new paragraph 6—

    (i) in point (a) , after point (ii) , insert—

    “(iii) as that Regulation forms part of the law of Gibraltar, where the trading takes place on a Gibraltar trading venue;”

    (ii) after point (c) , insert—

    “(d) any equivalent provisions made by the GFSC which specify the conditions which buy-back programmes and stabilisation measures referred to in paragraphs 1 and 4 must meet, including conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations and price conditions, where the trading takes place on a Gibraltar trading venue.”

    (6) In regulation 10(6)(a) , after paragraph (iv) insert—

    “(e) the Government of Gibraltar;

    (f) any special purpose vehicle of the Government of Gibraltar;

    (g) any special purpose vehicle created by the Government of Gibraltar and the United Kingdom or one or more Member States.”

    (7) In regulation 11—

    (a) in paragraph (1)(a) , after “United Kingdom,” insert “Gibraltar,”;

    (b) in paragraph (5) , in sub-paragraph (a)(i) , after “UK trading venue”, both times it occurs, insert “, Gibraltar trading venue”;

    (c) in...

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