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Repealed by LN. 2013/198 as from 1.1.2014 - page 10 / 94

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1989-47

Financial Services (Investment and Fiduciary Services)

Repealed Subsidiary 2007/002

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT

FIRMS) REGULATIONS 2007 subject to requirements on a consolidated basis in accordance with regulations 19 to 21 of the FSCACI Regulations.

  • (a)

    references in paragraph 7 of Schedule 2 to Directive 2006/48/EC shall be read as references to Directive 2000/12/EC as it stood prior to the 1 January 2007;

  • (b)

    paragraph 4 of Schedule 2 shall apply as it stood prior to the 1 January 2007.

(4) Where an investment firm has, as a parent undertaking, a parent credit institution in an EEA State, only that parent credit institution shall be subject to requirements on a consolidated basis in accordance with regulations 19 to 21 of the FSCACI Regulations.

(5) When a group covered by sub-regulations (3) and (4) does not include a credit institution, the FSCACI Regulations shall apply in a manner such as that every reference to a credit institution shall be construed as a reference to an investment firm.

of

91(8)

mutatis mutandis for the

to (14) purposes

of the FSCACI Regulations of these Regulations subject to

shall apply paragraphs

152(8)

(6)

Regulation

regulation

in

to

referred

(a) the

which shall apply where the discretion FSCACI Regulations is exercised

Competent Authority.

4. The Authority shall be the competent authority for the purposes of the recast Directive and the Minister shall ensure that the EBA and the European Commission are informed accordingly.

PART II Capital requirements

Obligation to hold initial capital.

5.(1)

A

Gibraltar

investment

instruments for its own account

firm which does not deal in any financial or underwrites issues of financial instruments

on a firm commitment which offers

basis,

but

which

holds

clients’

money

or

securities

and

(a)

the reception and transmission of investors’ orders for financial instruments; or

(b)

the execution of investors’ orders for financial instruments; or

© Government of Gibraltar (www.gibraltarlaws.gov.gi)

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