Schedule 6: Gibraltar-based persons carrying on regulated activities in the UK Part 9: Transition on withdrawal of approval of regulated activity Transition on Gibraltar activity ceasing to be corresponding activity
Paragraph 59 sets out the transitional arrangements that will apply if HM Treasury decides that the corresponding activity no longer corresponds to the approved activity. Once again, sub-paragraph (1) also explains that the transitional arrangements will only apply to a Gibraltar-based person who was carrying on an activity immediately before access was withdrawn.
	Sub-paragraph (2) explains that the transitional arrangements available under Part 9 will treat the Gibraltar activity as corresponding to the approved activity for a temporary period to the extent that the approved activity is carried on by the person in the UK, and subject to any restrictions imposed during the temporary arrangements.
	Under sub-paragraph (3), an activity ceases to be treated as temporarily corresponding to an approved activity if any of the events detailed at sub-paragraph (4) occur before the expiry of the period specified by HM Treasury.
	Sub-paragraphs (5) and (6) confirm that any limitations applicable to corresponding activities will continue apply once those activities are treated as corresponding to the approved activities under this paragraph for a limited period of time. Sub-paragraph (7) provides that a Gibraltar-based person does not cease to have permission in relation to an activity under sub-paragraph (4)(b) and (c) while the person is in a transitional arrangement in Part 10.