General Market access arrangements for financial services between the UK and Gibraltar
Asset requirement restrictions: The UK regulator imposes a requirement on a Gibraltar-based person prohibiting or restricting the disposal of any of the person’s assets or requirement that those assets are transferred to a trustee approved by the UK regulators.
FOS: Financial Ombudsman Service.
FSCS: Financial Services Compensation Scheme. The FSCS is also used as an abbreviation for the "scheme manager," defined in Part 15 of FSMA as the body corporate managing the Financial Services Compensation Scheme.
GAR: Gibraltar Authorisation Regime.
GFSC: Gibraltar Financial Services Commission (or "Gibraltar Regulator").
Gibraltar Order: Financial Services and Markets Act 2000 (Gibraltar) Order 2001 (S.I. 2001/3084).
Gibraltar-based person: A person listed in sub-paragraph (2) of paragraph 1 of Schedule 2A whose head office and registered office, if any, is in Gibraltar.
Part 4A permission: A domestic permission to carry on regulated activities given by the FCA or the PRA under Part 4A of FSMA.
Regulated activity: An activity specified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544), for which a person requires a permission in order to carrying on such activity.
Schedule 2A permission: A permission for a Gibraltar-based person to carry on one or more regulated activities approved for the purposes of Schedule 2A.
Schedule 2B permission: A permission for a UK-based person to carry on restricted activities in Gibraltar, provided they have satisfied the three conditions set out in paragraph 6 of the Schedule.
UK-based persons: UK firms whose head office or registered office is in the United Kingdom.