20th November 2020, 19:10
The UK Financial Service Bill is being scrutinised in a Public Bill Committee with Minister for Digital and Financial Services, Albert Isola, giving oral evidence.
Questions focused on the Gibraltar Authorisation Regime which is contained within the Bill.
As the United Kingdom and Gibraltar will no longer be subject to EU arrangements from 31 December 2020, the Bill establishes a new Gibraltar Authorisation Regime to allow financial services firms based in Gibraltar to continue to offer regulated activities in the UK.
The Bill sets out arrangements for implementing and running the new regime, which is based on compliance with the objectives of the Bill, alignment of law and regulatory oversight in both jurisdictions, and cooperation between parties on both sides.