On 14 January 2019, HM Treasury published a draft of the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019, together with an updated explanatory information webpage.
The draft statutory instrument is part of the UK Government’s contingency planning for a no deal Brexit to ensure that the UK statute book continues to function after exit day.
The draft statutory instrument amends section 409 of the Financial Services and Markets Act 2000 and the Financial Services and Markets Act 2000 (Gibraltar) Order 2001, which together make provision about the rights of Gibraltar-based firms to carry on business in the UK and about the requirements to be met in the UK by firms based in the UK that seek to carry on business in Gibraltar.
It also amends the EEA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018, so as to exclude firms established in Gibraltar from certain provisions of those regulations.
The draft statutory instrument provides that certain amendments will expire at the end of 2020, but gives HM Treasury the power to keep them in force for successive periods of 12 months.
You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) on our Brexit Pathfinder hub. Registration is free via the NRF Institute portal. Conformed copies of the EU Exit statutory instruments are available exclusively through our PathfinderPLUS service. To gain access to PathfinderPLUS, please contact Jochen Vester or Simon Lovegrove.