Brexit
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2 mins |
UK Access Secured
In what’s been a busy week for Gibraltar Parliament, crucial legislation to implement the Gibraltar Access Regime (GAR) that ensures long-term access to the UK market for Gibraltar’s financial services firms was passed. This legislation aligns Gibraltar’s regulatory framework with the UK’s, reinforcing its mainstay market ties post-Brexit.
Why does this matter?
The UK market is critical for Gibraltar’s financial services sector, which relies on seamless access to operate effectively. The GAR ensures this access continues, but it requires Gibraltar to maintain robust regulatory alignment with UK laws and practices. Without sufficient alignment, specific sectors risk exclusion from the GAR, potentially losing their UK market access.
What’s the Gibraltar Access Regime?
The GAR is a bilateral framework already embedded in UK law and now mirrored in Gibraltar’s Financial Services Act 2019. It ensures Gibraltar-based firms can operate in the UK by adhering to aligned laws and supervisory practices. The framework also fosters close cooperation between Gibraltar’s Financial Services Commission and UK regulators.
What did the legislation achieve?
- Embedded GAR provisions into Gibraltar’s financial services laws, mirroring UK legislation.
- Addressed alignment gaps identified during UK Treasury assessments.
- Enhanced regulatory cooperation and harmonisation, ensuring Gibraltar meets UK standards for continued access.
What’s next?
UK Treasury will conduct sector-specific GAR assessments to confirm sufficient alignment. Gibraltar must maintain pace with UK legislative updates to ensure no sector is excluded. This ongoing alignment is pivotal for the GAR’s success and the future of Gibraltar’s financial services.
The big picture
The GAR legislation safeguards Gibraltar’s position in the UK market, providing a stable foundation for businesses during a period of global uncertainty. It’s a critical step in Gibraltar’s post-Brexit strategy, ensuring the local financial services sector remains competitive and aligned with the UK.
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