(1) Schedule 3 [Schedule 3 was amended by S.I. 2000/2952, regulation 8, and by S.I. 2001/1376.] applies in relation to a Gibraltar-based firm as follows.

(1A) A Gibraltar-based firm which -

(a) is an investment firm, as defined in Article 4(1)(1) of the markets in financial instruments directive [OJ L 173, 12.6.2014, p. 349-496. See the definition in section 425(1) of the Financial Services and Markets Act 2000.], and

(b) is authorised under the law of Gibraltar which implemented Article 5 of that directive,

is to be treated as having an entitlement, corresponding to the EEA right deriving from the markets in financial instruments directive that such a firm would have had before IP completion day, to establish a branch or provide services in the United Kingdom.

(2) A Gibraltar-based firm which -

(a) is a credit institution as defined in Article 4(1)(1) of the capital requirements regulation ["Capital requirements regulation" is defined in section 417(1) of the Financial Services and Markets Act 2000.], and

(b) is authorised as such by the Gibraltar Financial Services Commission,