03 Jan 2019
On the day the United Kingdom leaves the European Union, it will be looking to preserve its current regulatory position on Gibraltar within the Financial Conduct Authority’s (FCA) handbook, the watchdog said.
The announcement is in line with the UK’s position that Gibraltar financial services firms should, until December 2020, have the same market access in the UK as they do now.
Gibraltar-based firms able to exercise passport rights will continue to exercise such rights on exit day.
As a result, they will not enter the temporary permissions regime or the financial services contracts regime for firms or funds wishing to operate in the UK from the European Economic Area.
“The Government’s commitment on market access runs until the end of 2020. We will consult in due course in relation to Handbook changes that will apply after this date,” the FCA said.
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