The Gibraltar Government is pleased to announce that it has received written confirmation from the UK Government of Gibraltar’s passporting rights into the EU and EEA single market in investment services. Investment services providers based in Gibraltar and authorised by the Financial Services Commission may therefore operate in other member states of the EU and EEA, on the basis of their Gibraltar authorisation and in accordance with established procedural requirements.
This completes the three ‘passporting badges’ for Gibraltar’s finance centre following the recognition of banking passporting rights in 1999 and insurance passporting rights in 1997.
This development now enables the Gibraltar Government to commence the Investor Compensation Scheme Ordinance which was passed by the House in July 2002. Investment Services Passporting rights will thus be operational as soon as the Investor Compensation Scheme is in place, which is expected to be the case later this month.
Commenting on this development, DTI Minister, Keith Azopardi said: "The Gibraltar Government has been negotiating this with the British Government for nearly two years. It is an important development because it will allow Gibraltar’s finance centre to grow in yet another area of activity, namely investment services, just as it is currently growing in insurance business."
The content of this article does not constitute legal advice and should not be relied on in that way. Specific advice should be sought about your specific circumstances.