Schedule 7: UK-based persons carrying on activities in Gibraltar Part 4: Cancellation of permission
Paragraph 20, sub-paragraphs (1) and (2) provide that the UK regulators may cancel a Schedule 2B permission if (a) they receive a written request from the UK-based person, or (b) on their own initiative, if they are satisfied that it is desirable to cancel a permission in order to advance one or more of their objectives.
	Sub-paragraphs (3) and (4) require the UK regulator to give a warning notice and eventually, a decision notice, to the UK-based person if the regulator intends to cancel a Schedule 2B permission on its own initiative under this paragraph and subsequently decides to do so. In the event of a cancellation occurring, sub-paragraph (5) provides for a right to refer the matter to the Upper Tribunal. Sub-paragraph (6) requires a UK regulator to inform the Gibraltar regulator of the cancellation of a Schedule 2B permission.