Schedule 7: UK-based persons carrying on activities in Gibraltar Part 3: Variation of permission
Paragraph 12 provides for both a UK-based person to request a variation of a Schedule 2B permission or for a UK regulator to vary a person’s Schedule 2B permission. Sub-paragraph (2) defines a variation of permission as adding or removing an activity or varying the description of an activity.
	Paragraph 13 provides for a Schedule 2B permission to be varied on the initiative of the UK-based person if the conditions specified in sub-paragraphs (2) to (6) are met.
	Paragraph 14 sets out the contents that a variation notice must contain and makes further provision related to such notice.
	Paragraph 15, sub-paragraph (1) sets out the process for the appropriate UK regulator to give a consent to variation notice to the Gibraltar regulator and confirm to the UK-based person in writing that it has done so. Sub-paragraphs (2) to (4) provide for certain requirements connected with notices under sub-paragraph (1).
	Paragraph 16, sub-paragraph (1) sets out the circumstances where a UK regulator may refuse to give a consent to variation notice. Sub-paragraphs (3) and (4) direct the UK regulators to give the UK-based person a warning notice or decision notice if they intend or have decided to refuse to give a consent to variation notice. Sub-paragraph (5) gives the UK-based person a right to refer a refusal to consent to variation to the Upper Tribunal. Sub-paragraph (2) is self-explanatory.
	Paragraph 17, sub-paragraphs (1) and (2) confer a power on the FCA to vary a Schedule 2B permission if this would be desirable to advance the FCA’s operational objectives. Sub-paragraphs (3) to (6) confer a power on the PRA to vary the Schedule 2B permission of certain persons if it desirable to do so to advance the PRA’s objectives.
	Paragraph 18 sets out the process for a UK regulator to vary a Schedule 2B permission of their own initiative. It explains when a variation of the permission takes effect (sub-paragraphs (1) and (2)); and 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 19 gives UK-based persons the right to refer a decision to the Upper Tribunal.