Citation and commencement

1. This Order may be cited as the Financial Services and Markets Act 2000 (Reinsurance Directive) Order 2007 and comes into force on 10th December 2007.

Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

2. —(1)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001( 2 ) is amended as follows.

(2) In article 39B(2)—

(a) at the end of sub-paragraph (b)(i) omit “or”;

(b) for sub-paragraph (b)(ii) substitute—

“ (ii) an EEA firm falling within paragraph 5(da) of Schedule 3 to the Act (reinsurance undertaking); or

(iii) a person established outside the United Kingdom and not falling within paragraph (ii) who carries on an activity of the kind specified by article 10 by way of business. ” .

Amendments to the Financial Services and Markets Act 2000 (Gibraltar) Order 2001

3. —(1)The Financial Services and Markets Act 2000 (Gibraltar) Order 2001( 3 ) is amended as follows.

(2) In article 2 (exercised of deemed passport rights by Gibraltar-based firms)—

(a) after paragraph (3A) insert—

“ (3B) A Gibraltar-based firm falling within paragraph 5(da) of Schedule 3 is to be treated as having an entitlement, corresponding to its EEA right deriving from the reinsurance directive, to establish a branch or provide services in the United Kingdom. ” ;

(b) in paragraph (4) for “and (3A)” substitute “, (3A) and (3B)” and after “5(a), (b), (d)” insert “, (da)”;

(c) in paragraph (5)—

(i) after “Passport Rights Regulations and” insert “(other than in relation to a Gibraltar-based firm falling within paragraph 5(da) of Schedule 3)”;

(ii) for “or (3A)” wherever it occurs substitute “, (3A) or (3B)”; and

(d) in paragraph (7) for “or (3A)” substitute “, (3A) or (3B)”.

(3) In paragraph (5)(e) of article 3 (EEA firms satisfying conditions under Gibraltar law) after “means an EEA firm” insert “, other than a firm falling within paragraph 5(da) of Schedule 3,”.