Brexit: Temporary Permissions Regime and Financial Services Contracts Provisions
In the event of a no-deal scenario, the Government announced the introduction of a Temporary Permissions Regime (TPR) that will permit EEA firms that currently passport into Gibraltar to continue to do so for a limited period. These provisions will commence in the event of the United Kingdom exiting the European Union without agreement.
This will allow firms wishing to maintain their Gibraltar business to apply for full authorisation from the GFSC.
EEA firms and funds that operate in Gibraltar and want to utilise the TPR will need to inform the GFSC.
The Government has also agreed to introduce Financial Services Contracts Provisions (FSP) to allow for the continuity of pre-existing contracts. It is proposed that 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.
EEA firms that passport into Gibraltar and wish to continue operating within the jurisdiction please complete the below forms. You will need to complete these as soon as reasonably possible.
If you do not wish to continue operating in Gibraltar please review your existing contracts to ensure that you comply with local legislation.
For more information on the Temporary Permissions Regime and the Financial Services Contracts Provisions, please see the draft Financial Services (Passport Rights and Transitional Provisions) (EU Exit) Regulations 2019
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