On Thursday 19 November, Minister for Financial Services for HMGoG, the Hon. Albert Isola, addressed the Public Bill Committee in Westminster, giving oral evidence as part of the scrutiny process of the UK Financial Services Bill.
As from 1 January 2020, Gibraltar and the UK will lose the single market access to the European Union. The majority of Gibraltar’s financial services business pre-Brexit has been with the UK, highlighting the importance of the Bill for those operating in Gibraltar.
The Bill recognises the current unique arrangements and special historic relationship between the UK and Gibraltar and establishes a new Gibraltar Authorisation Regime (“GAR”), allowing Gibraltar-based financial services firms continued market access to the UK, and continuing to align standards and supervisory practices with those of the UK.
Minister Isola referred to the Legislative Reform Programme (“LRP”), which came into effect on 15 January 2020, and which updates, consolidates, and rationalises 87 pieces of legislation into one overarching financial services act, thus aligning Gibraltar more with FISMA.
The Minister said that he hopes the relationship between the UK and Gibraltar will “continue and prosper” as we draw closer to the new regime.
To view Minister Isola’s oral evidence, visit: https://bit.ly/33agH3b