Gibraltar Govt welcomes the consultation by UK Treasury on market access arrangements between the UK and Gibraltar

The Gibraltar Government notes and welcomes the consultation published on Wednesday by the UK Treasury on market access arrangements between the UK and Gibraltar.

This consultation is the next step towards legislating access for Gibraltar incorporated financial services firms into the UK market based on aligned high standards of financial regulation and supervision.

“Today, we start from a shared baseline of financial services law and regulation which both Gibraltar and the UK adopted prior to us both leaving the European Union,” said a statement from the Government.

“Gibraltar has also delivered the Legislative Reform Programme and introduced in January of this year the publication of the Financial Services Act and underlying regulations which sought, amongst other things, to eliminate gaps in outcomes that might have existed; focussing principally on the insurance industry,” the statement added.

Albert Isola, the minister with responsibility for digital and financial services said that the consultation builds on the hugely important political agreement achieved by the Chief Minister Fabian Picardo with the UK Government to ensure continued reciprocal market access.

“We have been working very closely with HM Treasury over a considerable period of time and we enjoy an excellent relationship. Gibraltar in due course will also, naturally, be legislating to permit UK based firms to continue to access our market,” he said.
“This reciprocal access that is unique to Gibraltar and the UK reflects our strong and historic relationship and will permit further growth in financial services that is a key sector for our economy.”