Schedule 6: Gibraltar-based persons carrying on regulated activities in the UK Part 4: Variation of permission
Paragraph 21, sub-paragraph (1) provides for the Gibraltar regulator or the UK regulator to be able to vary a Schedule 2A permission, and Part 4 subsequently sets out the process and circumstances where this would be possible. Sub-paragraphs (2) and (3) define what a variation of a Schedule 2A permission is.
	Paragraph 22 provides for the Gibraltar regulator to be able to vary a Schedule 2A permission by sending the appropriate UK regulator a notification requesting a variation. The variation becomes effective once the period for consideration of the notification has come to an end, or later, if a later date is specified in the notification. However, sub-paragraph (2) provides that the variation does not take effect if the appropriate UK regulator rejects the notification (as set out in paragraph 26) or the Gibraltar regulator withdraws the notification. Sub-paragraph (3) clarifies that notifications in this paragraph relate to notifications on the variation of a Schedule 2A permission.
	Paragraph 23 defines who the appropriate UK regulator to consider a notification under Part 4 is.
	Paragraph 24 sets out the contents that a notification relating to a variation of permission must contain.
	Paragraph 25 sets out the process that the appropriate UK regulator should follow to consider a notification relating to a variation of a Schedule 2A permission. The consideration period is two months if the Gibraltar-based person wants to operate through a UK branch; 1 month in other cases. Sub-paragraphs (1), (4), (5) are self-explanatory. Sub-paragraph (3) provides that the period for considering the notification ends earlier if the appropriate UK regulator gives a confirmation notice to the person concerned.
	Paragraph 26 sets out the circumstances where the UK regulators must or may reject a notification relating to a variation of permission. The UK regulators must reject a notification if the notification does not comply with the requirements in paragraph 2 (sub-paragraph (3)), if the activity has ceased to be approved under this Schedule or if the Gibraltar based person does not have permission to carry on the corresponding activity in Gibraltar (sub-paragraph (4)). The UK regulator may reject a notification for a variation of permission on the same grounds as those set out in paragraphs 19 and 20 in respect of senior managers, loss of access rights and serious threat to the UK (sub-paragraph (5)). Sub-paragraph (6) allows the Gibraltar regulator to submit a further notification in respect of the variation of a Schedule 2A permission if the initial notification of variation is rejected.
	Paragraph 27 confers a power on the UK regulators to vary a Schedule 2A permission on their own initiative if one out of a series of "own-initiative conditions" in paragraph 28 is satisfied. The FCA may vary a permission in respect of any person with a Schedule 2A permission, and the PRA may only do so in respect of a PRA-authorised person with a Schedule 2A permission (sub-paragraphs (2) and (3)). However, the PRA may vary the Schedule 2A permission of a person who is not a PRA-authorised person by adding a PRA-regulated activity to the permission and, having added the activity, by subsequently varying the permission in respect of that activity (sub-paragraphs (4) and (5)).
	Paragraph 28 sets out the own-initiative conditions that will enable the UK regulators to vary a Schedule 2A permission on their own initiative. Conditions A to D are self-explanatory. Sub-paragraph (6) clarifies references to the FCA’s objectives.
	Paragraph 29 sets out the process for a UK regulator to vary a permission on their own initiative. This paragraph explains when a variation of the permission takes effect (sub-paragraphs (1) and (2)); it provides for certain procedural requirements to ensure that a person affected by a decision can express their views and challenge the decision (sub-paragraphs (3) to (11)).
	Paragraph 30 provides that a Gibraltar-based person has the right to refer to the Upper Tribunal a decision by the UK regulators to vary its permission of their own initiative.