Gibraltar financial services firms have exclusive rights to passport their services into the UK

In light of Brexit, both the Gibraltar and UK governments put in place a temporary permissions regime to ensure that licensed financial services firms in either jurisdiction can continue to access the others markets post-Brexit. These transitional arrangements have been extended until Friday 31 December 2021 and can be further extended until such time as the permanent arrangements of the Gibraltar Authorisation Regime are in place.

The Bank of England has provided an overview of the notification process for UK firms wanting to passport their services to Gibraltar on either a ‘services’ basis (if it does not have a physical presence in Gibraltar) or a ‘branch’ basis (if it opens an office in Gibraltar). The Bank of England has provided information on the expected timelines and forms to be completed by UK firms wanting to avail themselves of a passport. Information has also been provided for Gibraltar firms passporting into the UK.

The overview can be found at the following link: https://www.bankofengland.co.uk/prudential-regulation/authorisations/passporting