On 22 November 2022, HM Treasury published the Financial Services (Miscellaneous Amendments) Regulations 2022.

The Regulations contains a range of measures to address deficiencies in retained European Union (EU) law.

Among other things the Regulations provide that:

  • HM Treasury can use its power under article 5(4) of the Short Selling Regulation in relation to Gibraltar firms with net short positions in shares admitted to trading on a UK trading venue.
  • The FCA can apply technical standards in relation to post-trade disclosure obligations by Gibraltar investment firms operating in the UK.
  • HM Treasury and the FCA can use certain powers under the Regulation on packaged retail and insurance-based investment products in relation to Gibraltar firms.
  • Article 5(3)(d)(i) of the Securitisation Regulation and Article 4(5A)(a) of the European Market Infrastructure Regulation be amended to achieve consistency with the extension of scope of EU simple, transparent and standardised securitisations provided for in Article 18(3).

The Regulations come into force at 11.00 p.m. on 31 December 2022.