On 9 November 2020, HM Treasury published a summary of responses to its March 2020 consultation paper inviting views on the overseas funds regime (OFR). The consultation closed on 11 May 2020 and the Government received 20 responses primarily from the asset management industry. HM Treasury also held multiple roundtables with industry and conducted meetings with individual stakeholders. The Government subsequently brought forward legislation as part of the Financial Services Bill 20201 introduced in Parliament on 21 October 2020. The summary of responses document summarises the responses to the consultation and explains the Government’s approach to legislating for the OFR after considering those views.
On the same date HM Treasury also published a summary of responses to its March 2020 consultation paper inviting views on the main features of the Gibraltar Authorisation Regime (GAR), a new permanent legislative framework enabling UK market access for specified Gibraltar-based financial services firms if they intend to carry on GAR approved activities in the UK. The GAR will deliver on the Government’s commitment to enable Gibraltar based financial services firms to continue accessing the UK market for GAR approved activities now that the UK and Gibraltar’s common membership of the EU has come to an end. The Government has already introduced temporary arrangements to protect this market access, which will be in place until the permanent arrangements of the GAR are implemented. The consultation closed on 11 May 2020 and the Government received 5 responses from UK and Gibraltar-based stakeholders, primarily from the insurance sector. The Government also discussed the proposals with the Government of Gibraltar. The summary of responses document covers the main responses received to the consultation and sets out the Government’s proposals for the GAR after considering those views. The Government has brought forward legislation implementing the GAR as part of the Financial Services Bill 2020.