On 6 February 2019, HM Treasury published a draft of the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019.

The draft statutory instrument is made under the European Union (Withdrawal) Act 2018 (EUWA 2018) and is part of the contingency planning for a no deal Brexit. Essentially it makes amendments to UK primary and secondary legislation related to financial services passporting rights between the UK and Gibraltar to ensure that Gibraltar-based financial services firms continue to have access into UK markets should the UK leave the EU in a no deal scenario.

HM Treasury intends to lay the draft statutory instrument before Parliament.

A further draft statutory instrument will preserve the overall pre-exit regulatory position in relation to Gibraltar notwithstanding amendments made to other financial services legislation under the EUWA 2018, unless specifically provided otherwise, to support market access between the UK and Gibraltar. This will include maintaining existing treatments for depositor and policyholder protection, and clarifying home-host powers of intervention in respect of incoming firms, amongst others.

The Government of Gibraltar will be adopting a similar and reciprocal approach to the UK in its own EU exit legislation.

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.