Schedule 6: Gibraltar-based persons carrying on regulated activities in the UK Part 9: Transition on withdrawal of approval of regulated activity Restricting transitional permission to protected contracts etc.
Paragraph 60 allows the UK regulators to restrict the scope of a transitional permission through a "restriction notice" so that a Gibraltar-based person carrying on an activity for which access has been withdraw is confined to the performance of protected contracts and/or the other aims set out in sub-paragraph (2), such as: to reduce the financial risks to beneficiaries of a protected contract, to transfer property, rights or liabilities under to a person authorised to carry on a regulated activity or to comply with requirements imposed by enactments. Sub-paragraph (1) clarifies that the UK regulators may restrict the scope of the transitional arrangements that come into operation by virtue of paragraphs 59 and 60.
	Sub-paragraphs (3) to (7) and (9) to (10) of paragraph 60 make provision, including about relevant procedural requirements, connected with the process the UK regulator must follow to restrict transitional arrangements under this paragraph. Sub-paragraph (8) confers a power on HM Treasury to make regulations to specify a period within which restriction notices could not take effect.
	Paragraph 61, sub-paragraph (1) confers a power on the UK regulators to issue a direction to specify the contracts which are protected contracts for the purposes of Part 9. Sub-paragraphs (2) to (4) sets out the procedure for the issuance of a direction under this paragraph.
	Paragraph 62 provides for a right to refer matters to the Upper Tribunal should the appropriate UK regulator limit a Gibraltar-based person to the performance of a protected contract or one of the other objectives under paragraph 60(2).
	Paragraph 63 confers powers on HM Treasury to make regulations in a number of circumstances related to the consideration of UK authorisation with the intent of avoiding a cliff edge for persons moving from the temporary arrangements to a new authorisation. Sub-paragraph (1) gives HM Treasury a power to make regulations which extend the time period set out for the consideration of Part 4A applications from Gibraltar-based person under section 55V(1) and (2) of FSMA. Sub-paragraph (2) allows HM Treasury to make an amendment to section 55V of FSMA in respect of the determination of Part 4A applications. Sub-paragraph (3) allows HM Treasury to extend the period for consideration of applications under section 59 of FSMA. Sub-paragraph (4) clarifies that the powers in this paragraph also enable HM Treasury to make amendments to sections 61 and 63ZA of FSMA in respect of the determination of applications and the variation of senior manager’s approval at request of a relevant authorised person, respectively.