Interpretation

1.1

Unless otherwise stated, this Part applies to:

1. (1) a firm;
2. (2) a qualifying parent undertaking as defined in section 192B of FSMA; and
3. (3) a body corporate falling within section 192JA(2) of FSMA.

2.1

Every provision in the PRA Rulebook must be interpreted in the light of its purpose.

2.2

In the PRA Rulebook, save as otherwise indicated in a Part of the PRA Rulebook, an expression in italics defined:

1. (1) in the PRA Rulebook Glossary has the meaning given in that glossary;
2. (2) for the purposes of FSMA has the meaning given in that Act;
3. (3) in the Interpretation Act 1978 has the meaning given in that Act.

2.2A

In the PRA Rulebook, an expression in italics that has no meaning given for the purposes of any of the following: the Part in which that expression appears, the PRA Rulebook Glossary, FSMA or the Interpretation Act 1978, but that was defined in the PRA Handbook as at 6 March 2016 has that meaning.

2.3

Save as otherwise indicated, the Interpretation Act 1978 applies to the PRA Rulebook.

2.4

A reference in the PRA Rulebook to another provision in the PRA Rulebook is a reference to that provision as amended from time to time.

2.5

In the PRA Rulebook, a rule made by the PRA under section 137G of FSMA applies to a firm with respect to the carrying on of any activities, except to the extent that a contrary intention appears.

2.6

If a firm is dissolved, but its authorisation continues to have effect under section 32 (Partnerships and unincorporated associations) of FSMA in relation to any partnership or unincorporated association that succeeds to the business of the dissolved firm, the successor partnership or unincorporated association is to be regarded as the same firm for the purposes of the PRA Rulebook unless the context otherwise requires.

2.7

This rule is effective from 23:00 on 31/12/2020.

Unless the context otherwise requires, any reference in these rules to:

1. (1) any provision of direct EU legislation, is a reference to it as it has effect as retained direct EU legislation on IP completion day;
2. (2) an EU directive is a reference to the directive as it had effect in EU law immediately before IP completion day;
3. (3) the implementation or transposition of provisions of an EU directive, is a reference to the provisions of EU-derived domestic legislation which were relied on before IP completion day for that implementation or transposition;
4. (4) an enactment which has been amended on or before IP completion day by regulations made under section 8 of the European Union (Withdrawal) Act 2018, is a reference to that enactment as so amended.

2.8

1. (1) The PRA Rulebook shall, after IP completion day, be construed, unless the contrary intention appears, as conferring rights and imposing obligations in relation to or in connection with Gibraltar corresponding to those which existed immediately before IP completion day.
2. (2) Accordingly, any provision of the PRA Rulebook which immediately before IP completion day applied in relation to or in connection with Gibraltar shall, with any necessary modification to give effect to that corresponding right or obligation, continue to apply after IP completion day; and any provision which did not so apply shall continue not to apply, unless provision indicating a contrary intention is made.
3. (3) In this rule reference to Gibraltar includes, but is not limited to, rights or obligations conferred or imposed in relation to or in connection with Gibraltar-based firms, public institutions established, persons resident, body corporates incorporated in Gibraltar and activities of UK firms in Gibraltar.
4. (4) This rule does not apply to the Depositor Protection and Policyholder Protection Parts (which contain their own application provisions for Gibraltar-based firms).
5. (5) In this rule ‘a Gibraltar-based firm’ has the same meaning as in the Financial Services and Markets Act (Gibraltar) Order 2001.