Access to Financial Services Markets Market access arrangements for financial services between the UK and Gibraltar Changes to market access and reporting duties to Parliament
As part of the GAR, the Government will operate a periodic review process to ensure that compliance with the objectives, alignment and cooperation conditions is sustained. HM Treasury will conduct the review process using the information received from the government of Gibraltar, duly verified by an independent entity, and the views of the UK financial services regulators.
	HM Treasury will engage with the government of Gibraltar to resolve any emerging issues bilaterally, as a failure to maintain alignment and cooperation between both jurisdictions will be detrimental to Gibraltar-based firms and could limit the market choices for UK consumers. During the preparation of the report detailed below, HM Treasury must consult the FCA and the PRA.
	The Act places a duty on the Government to lay before Parliament a report on the operation of the GAR every two years. The report will set out, in particular, whether the three conditions underlying the regime of compliance with the objectives, alignment of law and practice, and cooperation continue to be satisfied in respect of approved activities or are achieved in respect of new activities. During the preparation of the report, HM Treasury is required to consult the FCA and the PRA. Based on these reports, HM Treasury could propose to adjust the regulations setting out the approved activities, for example, by expanding or reducing the list of regulated activities which are approved for market access.