On 19 December 2018, HM Treasury published explanatory information on the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019. The draft Regulations are still in development and will be published in due course.
The Regulations will make amendments to the Financial Services and Markets Act 2000 (Gibraltar) Order 2001 and the Financial Services and Markets Act 2000 to allow financial services firms incorporated and headquartered in the UK and Gibraltar to continue to provide services and establish branches between the UK and Gibraltar respectively. These changes are to address deficiencies in UK legislation as a result of the UK’s withdrawal from the EU. Section 3.2 of the document details of the changes made by the Regulations.
HM Treasury will make another statutory instrument relating to Gibraltar intended to preserve the overall pre-Brexit regulatory position for Gibraltar, details of what this will include are given in the last but one paragraph of section 3.1 of the document.
