Access to Financial Services Markets Market access arrangements for financial services between the UK and Gibraltar The Gibraltar Authorisation Regime
The GAR will allow certain Gibraltar-based financial services firms to access the UK markets as "authorised persons" under FSMA, without having to apply for authorisation from the UK regulators if they intend to carry on GAR-approved activities in the UK.
	HM Treasury will specify by statutory instrument the UK regulated activities for which market access is available (approved activities), and the corresponding activities in Gibraltar's law that a firm wishing to participate in the UK market must be authorised to carry on by the Gibraltar Financial Services Commission (GFSC). It is expected that the approved and corresponding activities will reflect the regulated activities that are carried on by Gibraltarian firms under the transitional UK market access arrangements which the GAR will replace. The list of approved activities can be amended by statutory instrument based on the findings of a review process that HM Treasury will operate as part of the GAR. HM Treasury will also agree with the UK regulators, the Government of Gibraltar and GFSC the appropriate split of rule-making responsibilities between the regulators in the two jurisdictions, taking into account arrangements that existed before the end of the Transition Period, and define it by statutory instrument.
	Gibraltar-based firms in the GAR will continue to remain subject to Gibraltarian law and will be supervised by the GFSC. Within certain sectors, they may also be subject to further UK requirements, as is already the case now.
	The access of Gibraltar-based firms to the UK market will be based on three conditions that HM Treasury will need to periodically reassess: compliance with the objectives set out in the Act; alignment of law and practice of Gibraltar with that in the UK; and cooperation of Gibraltar entities with UK entities (all discussed below).