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14th October 2019, 20:44

Bill giving UK market access to financial services firms in Gibraltar listed in Queen's Speech

The Gibraltar Government has welcomed the new UK Financial Services Bill, which was one of 26 items of legislation listed in The Queen’s Speech earlier today.

Fabian Picardo said the new law is “huge news”.

The explanatory notes accompanying the Queen’s speech provide that the Bill will ‘ensure that the UK maintains its world-leading regulatory standards and remains open to international markets after we leave the EU’. It also delivers on the British Government’s ‘commitment for long-term market access to the UK for financial services firms in Gibraltar as part of the UK family.’

Mr Picardo described it as a bespoke arrangement that will endure well beyond Brexit and which will be unique to Gibraltar. He said the Bill guarantees for Gibraltar after Brexit the continued market on a bilaterally agreed basis between Gibraltar and the UK in a way that will not restrict regulatory autonomy in financial services.

He said it validates the Gibraltar Government’s strategy to pursue an ever closer relationship with the UK.