Access to Financial Services Markets Market access arrangements for financial services between the UK and Gibraltar Further legislative regimes encompassing Gibraltar-specific rights
The core of the new GAR intends to create a market access gateway based on approving ‘regulated activities’ which will replace the Financial Services and Markets Act 2000 (Gibraltar) Order 2001 (S.I. 2001/3084) (the Gibraltar Order). However, certain Gibraltar-specific regimes conferring rights on Gibraltar-based persons in UK markets and UK-based persons in the Gibraltarian markets are set outside the remit of the Gibraltar Order, and therefore need to be addressed separately to ensure continued market access.
	Given their differing characteristics and functioning, and that they mostly encompass activities that are non-regulated activities under FSMA, these regimes cannot simply be brought under the core mechanism of GAR. Yet, the size of these regimes does not justify the creation of a parallel legislative regime effectively mirroring the core mechanisms of GAR.
	Therefore, the Act includes powers for HM Treasury to preserve access for the economic activities which currently exist between the UK and Gibraltar, and to subject Gibraltar-specific regimes outside the scope of the GAR to principles and mechanisms similar to those in the GAR.