Schedule 7: UK-based persons carrying on activities in Gibraltar Part 2: Permission to carry on activities in Gibraltar
Paragraph 6, sub-paragraph (1) prohibits UK-based persons from carrying on a restricted activity in Gibraltar unless they are permitted to do so under Schedule 2B. Sub-paragraph (2) makes the carrying on of a restricted activity an offence if the activity is carried on by a person who is not an authorised person and does not have a permission under this Schedule.
	Paragraph 7 sets out the conditions that a UK-based person must meet in order to obtain permission to carry on activities in Gibraltar (a "Schedule 2B permission" as defined by sub-paragraph (6)). Sub-paragraphs (2) to (5) set out the conditions, which are as follows: the UK-based person must give the appropriate UK regulator notice of its intentions by way of a "Gibraltar notice." Following this, the UK regulator must give a "consent notice" to the Gibraltar regulator. A Schedule 2B permission is automatically granted after a period elapses from the day on which the UK regulator gave the Gibraltar regulator the consent notice. This period is two months for a UK-based person seeking to carry on a restricted activity through a branch in Gibraltar, and one month in other cases. A person could obtain a Schedule 2B permission earlier if the consent notice specifies a shorter period.
	Paragraph 8 clarifies that a UK-based person must hold a relevant Part 4A permission while holding a Schedule 2B permission. Sub-paragraph (2) defines a ‘relevant Part 4A permission’ in this context.
	Paragraph 9, sub-paragraph (1) sets out the contents of a "Gibraltar notice" that will be given by interested UK-based persons to the UK regulators. This includes information specified in a direction by a UK regulator. Sub-paragraph (2) provides that a Gibraltar notice may relate to more than one activity. Sub-paragraph (3) provides that a Gibraltar notice may ask the UK regulator to specify a start date for a Schedule 2B permission earlier than the default period under paragraph 7. Sub-paragraph (4) enables the UK regulators to vary or revoke a direction under this paragraph. Under sub-paragraph (5), a direction may make different provision for different purposes. Sub-paragraph (6) provides for a publication requirement.
	Paragraph 10 describes the process that the appropriate UK regulator should follow upon receiving a Gibraltar notice, unless it intends to refuse to give a consent notice for the request. According to sub-paragraph (1), the UK regulator must give a consent notice to the Gibraltar regulator and confirm to the UK-based person in writing that a consent notice was sent to the Gibraltar regulator. Sub-paragraph (2) to (4) provides for certain requirements connected with notices under sub-paragraph (1).
	Paragraph 11, sub-paragraph (1) allows the appropriate UK regulator to refuse to give a consent notice to the Gibraltar regulator if the notice does not meet the requirements under paragraph 9, or it appears to the UK regulators that it is desirable to refuse in order to advance one or more of their objectives (which, for the FCA, are defined by sub-paragraph (2)). Sub-paragraphs (3) and (4) require the UK regulator to give a warning notice or decision notice to the person affected by the decision. Sub-paragraph (5) confers a right on UK-based persons to refer the matter to the Upper Tribunal if the UK regulator refuses to give a consent notice.