(1) The Passport Rights Regulations apply in relation to a Gibraltar-based firm with the following further modifications.

(2) Regulation 1(2) is to be read as if -

(a) in the definition of "health insurance risks", in paragraph (b), after "Directive" there were inserted "(reading references in Article 206(2) of the Solvency 2 Directive to a Member State or home Member State as including the United Kingdom and Gibraltar)";

(b) in the definition of "national guarantee fund" -

(i) in paragraph (a), after "in accordance with" there were inserted "the law of Gibraltar which implemented"; and

(ii) in paragraph (b), after "provided for in" there were inserted "the law of Gibraltar which implemented"; and

(c) in the definition of "tied agent", for "Article 4.1.29 of the markets in financial instruments directive" there were substituted "Article 2(11) of Commission Delegated Regulation (EU) 2017/565 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive [Article 2(11) is inserted by S.I. 2018/1043.]".

(3) Regulation 2 is to be read as if -