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Govt publishes post-Brexit guidance for financial services

A EU supporter walks along Abingdon Street near the Houses of Parliament in London. PRESS ASSOCIATION Photo. Picture date: Wednesday February 20, 2019. Photo credit should read: Jonathan Brady/PA Wire

The Gibraltar Government will today publish a detailed statement on Brexit and the financial service sector.

The statement sets out the framework for financial services post-Brexit and addresses a range of topics including the European Union (Withdrawal) Act, the status of Gibraltar under EU law, arrangements between the UK and Gibraltar, and Gibraltar’s Temporary Permissions Regime.

“The ongoing discussions between the United Kingdom and the European Union in respect of the final Brexit agreement have created uncertainty for many businesses across Europe,” said Albert Isola, the Minister for Commerce.

“This contrasts with the strong and clear co-operation that has taken place between the governments of the United Kingdom and Gibraltar, whereby there will continue to be seamless reciprocal passporting in financial services between the UK and Gibraltar even in the event of a hard Brexit on 29th March 2019.”

The Gibraltar Financial Services Commission will simultaneously issue information and guidance for firms with regards to Brexit preparedness.