On 11th March the UK Government released a consultation paper on proposals to introduce new market access arrangements for financial services between the UK and Gibraltar.
The consultation invites views on the main features of the proposed Gibraltar Authorisation Regime, including how firms will enter and exit the regime and measures to ensure the protection of UK consumers. The new regime is intended to protect financial stability, promote the safety and soundness of firms, protect market integrity and ensure high levels of consumer protection.
The UK Government stated that "it is committed to a strong and enduring relationship with Gibraltar. In the financial services sector this includes ensuring that UK and Gibraltarian firms can access their respective markets on the basis of alignment of standards and enforcement."
These arrangements will be vital if Gibraltar is to become a gateway to the UK market for EU financial services businesses.
The [UK] Government has committed to enabling financial services firms based in Gibraltar to continue to access the UK market. The Government has already introduced temporary arrangements to protect access, which will be in place until the permanent arrangements are delivered. This consultation seeks views on the Government’s proposals to introduce a new long-term legislative regime enabling market access for financial services firms based in Gibraltar.
www.gov.uk/...
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