On 16 November 2020, there was published on the legislation.gov.uk website The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations.
The purpose of the statutory instrument is to extend by 12 months the transitional arrangements under Parts 2 and 3 of the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (the 2019 Regulations) which enable specified categories of Gibraltar-based firms to provide financial services in the UK and facilitate the access by similar types of UK-based firms to Gibraltar’s financial services market.
The 2019 Regulations were originally made with the expectation that the transition period would come to an end on 31 December 2019. The end of the transition period is now expected to take place on 31 December 2020. Without further action, the temporary arrangements under Parts 2 and 3 of the 2019 Regulations will expire on 31 December 2020.
The statutory instrument will amend Regulation 12(1) of the 2019 Regulations in order to extend the temporary regime by 12 months to avoid disruption for Gibraltar-based firms and UK consumers. The statutory instrument will be superseded by the long-term framework set out in the Financial Services Bill, and it will cease to have effect at the end of the extension unless HM Treasury extends its application on a further occasion.