Nov 01 – Gibraltar Will Explore More Flexible Post-Brexit Compliance Regime For Financial Services

Written by YGTV Team on 01 November 2016.

YGTV in London

Gibraltar’s financial services could adapt to post-Brexit reality by running two separate regulatory regimes.

This was announced by the Minister for Financial Services, Albert Isola, at a trust funds management working breakfast held this morning at a private members’ club in Pall Mall, London.

Mr Isola explained that Gibraltar could run one regime which copies EU regulations and, running in parallel, a more flexible non-EU compliant regime which is instead governed by international norms.

UK LINK

The Minister started by highlighting the important links between Gibraltar and the UK and mentioned that, in the past, the relationship with the UK had been “frosty at best” but was now “nothing short of exceptional.”

“The relationship that Gibraltar enjoys with the City will, we believe, get stronger and be more fruitful for both of us,” he said.

He confirmed that the passporting of financial services between the Rock and the UK would continue regardless of the final form that a Brexit deal takes.

He said that the political emotional and commercial relationship with the UK was “critical” to Gibraltar.

Minister Isola also argued that the drive towards greater transparency and regulation has put Gibraltar in a strong place.

“Today, there is no jurisdiction or polity or group of companies that wants to work with a jurisdiction that does not subscribe to those principles,” he said.

GLOBAL OUTLOOK

Minister Isola hinted that emerging industries like fin-tech, digital currencies and crowdfunding are areas which could be further developed on the Rock.

He concluded by saying that a more global outlook was key in the future:

“The next two years will not just all be about Brexit – we will be exploring and taking up the new lines of business that we believe are open to us […] in looking at trends and developments across the world.”

The funds breakfast was the final official event of this year’s Gibraltar Day programme.