(1) A requirement may be imposed on a Gibraltar-based person in accordance with this Part of this Schedule—
(a) by a UK regulator as part of the process of considering a notification under Part 3 or 4 of this Schedule (see paragraphs 41 to 43),
(b) on the initiative of the Gibraltar regulator (see paragraphs 44 to 48), or
(c) on the UK regulator's initiative (see paragraphs 49 to 52).
(2) Requirements imposed on a Gibraltar-based person in accordance with this Part of this Schedule may be varied or cancelled in accordance with this Part of this Schedule—
(a) on the initiative of the Gibraltar regulator (see paragraphs 44 to 48), or
(b) on the UK regulator's initiative (see paragraphs 49 to 52).
Imposing requirements in connection with Part 3 or 4 notification
(1) This paragraph applies where a UK regulator has received—
(a) a notification for the purposes of paragraph 12 in respect of the carrying on of an activity by a Gibraltar-based person, or
(b) a notification for the purposes of paragraph 22 in respect of the variation of a Gibraltar-based person's Schedule 2A permission.
(2) A UK regulator may exercise the powers under this paragraph where it considers that it is desirable to do so in order to advance one or more of its objectives.
(3) The FCA may impose requirements on the Gibraltar-based person.
(4) The PRA may impose requirements on the Gibraltar-based person if—
(a) the notification mentioned in sub-paragraph (1) relates to activities which consist of or
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