WITH financial services such an important part of the economy, the Gibraltar government has welcomed a consultation document published by UK Treasury on market access arrangements between the United Kingdom 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.
Prior to the UK and Gibraltar leaving the European Union, both governments adopted shared financial services law and regulation in order to prepare for this opportunity of cooperation.
Gibraltar also passed a Legislative Reform Programme and introduced in January of this year the publication of the Financial Services Act with its underlying regulations which sought, amongst other things, to eliminate gaps in outcomes that might have existed; focussing principally on the insurance industry.
Albert Isola, Minister with responsibility for digital and financial services said, “This consultation builds on the hugely important political agreement achieved by the Chief Minister with the Government of the United Kingdom 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.
“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.”