Brexit: Temporary Permissions Regime, Financial Services Contracts Provisions and EEA Insurers Regime

The Temporary Permissions Regime

HM Government of Gibraltar (HMGoG) introduced a Temporary Permissions Regime (TPR) that permitted EEA firms to passport into Gibraltar to continue to do so for a limited period. This is set out in the Financial Services (Passporting Rights and Transitional Provisions) (EU EXIT) Regulations 2020 (Horizontal Regulations). This allowed firms wishing to maintain their Gibraltar business to apply for full authorisation from the GFSC.

Applications for the TPR are no longer permitted.

The GFSC has now concluded its review of those firms which applied under the TPR and have subsequently invited firms (other than EEA funds) on the TPR to apply for full authorisation, to wind-down and cease all operations in Gibraltar, or apply for the EEA Specified Insurers Regime (as applicable).

EEA Funds

The Horizontal Regulations provide a temporary marketing permission for EEA AIFMs and temporary recognition for EEA UCITS. This continues to apply indefinitely.

Applications for the EEA Funds recognition in Gibraltar are permitted. For EEA Funds, please use the application form below.

For more information on the EEA Funds Regime, please see the Financial Services (Passport Rights and Transitional Provisions) (EU Exit) Regulations 2020.

The Financial Services Contracts Provisions

HMGoG introduced a Financial Services Contracts Provisions (FSP) to allow for the continuity of pre-existing contracts. The FSP has effect for not more than:

  1. Fifteen years, for the purpose of performing a pre-existing contract of insurance; or
  2. Five years, for the purpose of performing any other pre-existing contract.

An EEA firm that is entitled to restricted temporary approval must - 

  1. notify the GFSC without delay that the firm is carrying on a regulated activity under restricted temporary approval; and
  2. provide the GFSC with any information that it may reasonably require and at intervals it may specify on the regulated activity carried on by the firm under restricted temporary approval.

Applications for the FSP in Gibraltar are permitted. 

The Specified EEA Insurers Regime

HMGoG has agreed and enacted a Specified EEA Insurers Temporary Exemption Regime. This is set out in the Financial Services (Specified Insurers) (Temporary Exemption) Regulations 2020 (Specified Insurer Regulations).

The Specified Insurer Regulations provide a temporary exemption from the general prohibition for those EEA insurers (which ceased to have 'passport' rights on IP Completion day) that will enable them to continue to conduct business in Gibraltar after IP Completion day. This applies to EEA insurers that:

  1. before IP completion day, was carrying on regulated insurance activity in Gibraltar or would have been entitled to do so, by virtue of an EU-derived right; or
  2. on or after IP completion day, would have been entitled to carry on regulated activity in Gibraltar by virture of an EU-derived right but for Gibraltar's withdrawal from the European Union.

Details on full exemption regime will be published in due course and EEA insurers on this regime will be invited to seek exempt status under separate Exemption Regulations made under the Act.

Applications for the EEA Specified Insurers are permitted.

Contact Information

For any queries in relation to the TPR or FSP, please contact: [email protected]

For any queries in relation to the registration of EEA UCITS, please contact: [email protected] 

For any queries in relation to the registration of EEA Specified Insurers, please contact: [email protected] 

 

 

Application Forms

 Temporary Permissions Regime and Financial Contracts Regime Form

 

 EEA Insurers Regime Form