Schedule 6: Gibraltar-based persons carrying on regulated activities in the UK Part 13: Cooperation and assistance
Paragraph 80 places a duty on the UK regulators and the FSCS to cooperate with each other, as well as with HM Treasury and Gibraltar entities under sub-paragraph (1), in order to secure that they and HM Treasury are able to perform their functions under Schedule 2A and section 32A, and to secure that, so far as is reasonably possible, there is cooperation between the UK entities and the Gibraltar entities (sub-paragraph (2)). The steps taken by the UK regulators and the FSCS to cooperate with each other, as well as with HM Treasury and Gibraltar entities may include information sharing agreements (sub-paragraph (5)). Sub-paragraph (3) provides that, to achieve these purposes, the UK regulators and the FSCS should take into consideration any guidance published by HM Treasury, the biannual reports to Parliament laid by HM Treasury, as well as the memoranda and arrangements in paragraph 9(4)(a) to (d). Sub-paragraph (4) places a duty on the UK regulators and the FSCS to agree and maintain memoranda of understanding setting out how they intend to meet their cooperation duties. Sub-paragraph (6) provides that when carrying out functions under Schedule 2A, the FCA and the PRA must, among other things, have regard to any relevant arrangements in force at the time for cooperation between the UK entities or for cooperation between those entities and the Gibraltar entities.
	Paragraph 81(1) requires the UK regulators and the FSCS to provide to HM Treasury the recorded arrangements in which they will enter with the Gibraltar entities (unless HM Treasury themselves are part of those arrangements). The UK regulators and the FSCS are also under a duty to publish memoranda of understanding recording cooperation agreements, and reviewing such arrangements on a biannual basis, in correspondence with the bi-annual reporting period in section 32A of FSMA. Sub-paragraph (2) places an obligation upon HM Treasury to publish the memoranda of understanding concluded with the UK regulators, the FSCS, the government of Gibraltar or the GFSC to bring them to the public’s attention and review them at least at the end of each bi-annual reporting period in section 32A of FSMA. Sub-paragraph (3) creates a duty on HM Treasury to lay before Parliament a copy of any memoranda of understanding set out in sub-paragraphs (1) and (2)(a).
	Paragraph 82 places a duty on the UK regulators and FSCS to prepare and send to HM Treasury, upon their request, reports relating to matters connected to their functions under Schedule 2A or the biannual review in the new section 32A of FSMA. It is expected that these reports will be used by HM Treasury when deciding whether to expand or withdraw market access for Gibraltar-based persons to UK markets. Sub-paragraph (3) provides that any such requests for reports on the part of HM Treasury must be made in writing and may specify a deadline for the delivery of the reports.