Schedule 7: UK-based persons carrying on activities in Gibraltar Part 1: Interpretation
As market access is a sovereign matter, it will be up to the government of Gibraltar to legislate for market access arrangements for UK-based firms ("UK-based persons"), and it will ultimately decide which regulated activities UK-based persons will be able to carry on in Gibraltar. Schedule 2B will facilitate the market access of UK-based persons that wish to carry on activities in Gibraltar. Paragraph 1 sets out the definition of a "UK-based person" that can carry on activities in Gibraltar, that is, a person with a head office or registered office in the UK. Paragraph 2 identifies the Gibraltar regulator ("the GFSC") and the appropriate UK regulators ("the PRA" and "the FCA").
	Paragraph 3 provides the meaning of "restricted activity" for the purposes of UK-based persons operating in Gibraltar. It will be up for the government of Gibraltar to make provision about the approval of regulated activities by UK-based persons in Gibraltar provided those persons are authorised in the UK. Schedule 2B supplements that arrangement by requiring UK-based persons to have a permission to carry on restricted activities in Gibraltar. Paragraph 3(1) lists three types of "restricted activities":
an activity which would be a regulated activity if carried on in the UK;
marketing a UCITS; or
marketing an AIF.
	Sub-paragraphs (2) to (6) make provision in relation to the marketing of UCITS and AIFs.
	Paragraph 4 defines key terms under this Schedule.
	Paragraph 5 provides that, when the powers of the FCA and the PRA under Schedule 2B can be exercised to advance their objectives, the regulators may use their powers in relation to one person to protect another person even if there is no relationship between the two persons