Schedule 6: Gibraltar-based persons carrying on regulated activities in the UK Part 5: Cancellation of permission
Paragraph 31 sets out the process for a Schedule 2A permission to be cancelled either on the initiative of the Gibraltar regulator or on the initiative of the UK regulators.
	Paragraph 32 provides for the Gibraltar regulator to request the cancellation of a permission by giving a notification to the appropriate UK regulator. The cancellation comes into force once the consideration period has come to an end, unless as per sub-paragraph (2) the appropriate UK regulator rejects the notification for any of the reasons set out in paragraph 36 or the Gibraltar regulator withdraws the notification on the cancellation. Sub-paragraph (3) is self-explanatory.
	Paragraph 33 defines the appropriate UK regulator to consider a cancellation of a permission in each case.
	Paragraph 3 sets out the contents that a cancellation notification issued on the Gibraltarian regulator’s initiative must contain.
	Paragraph 35 sets out the process and timescale for the appropriate UK regulator to consider a notification relating to a cancellation of permission. The consideration period is the same as set out in paragraph 16(2) for a market access notification. Sub-paragraphs (1) and (4) are self-explanatory. Sub-paragraph (3) provides for the consideration period to end earlier if the UK regulator gives the person concerned a confirmation notice.
	Paragraph 36 sets out the limited circumstances where the UK regulators must or can reject a notification. Sub-paragraph (2) provides for a rejection to be communicated in writing to the Gibraltar regulator. Sub-paragraph (3) requires the UK regulators to reject a notification of cancellation issued by the Gibraltar regulator if the notification does not comply with the notification requirements in paragraph 3. Sub-paragraphs (4) and (5) enable the UK regulators to reject a notification of cancellation if it is desirable to do so to advance one or more of their objectives. If a notification is rejected, sub-paragraph (6) allows the Gibraltar regulator to submit a further notification.
	Paragraph 37 confers a power on the UK regulators to cancel a Schedule 2A permission if one of the own initiative conditions under paragraph 28 is satisfied. The conditions A to D at paragraph 28 are self-explanatory. Sub-paragraph (3) directs the UK regulators to cancel a person’s Schedule 2A permission if the permission no longer enables a person to carry on an activity and if the UK regulator is satisfied the permission no longer needs to remain in force. Sub-paragraph (4) details which UK regulator should lead in each case.
	Paragraph 38 sets out the process that the UK regulator should follow if it proposes or decides to cancel a person’s Schedule 2A permission. The provisions are self-explanatory.
	Paragraph 39 provides a Gibraltar-based person with the right to refer to the Upper Tribunal a cancellation of permission decided by the UK regulators of their own initiative.