Access to Financial Services Markets Market access arrangements for financial services between the UK and Gibraltar Regulatory supervision
Gibraltarian firms will continue to remain subject to the laws of Gibraltar and will be supervised by the GFSC. However, as is already the case currently, the UK regulators have certain powers available, for example, to protect UK consumers and/or the UK’s financial stability if concerns arise in respect of an incoming Gibraltar-based firm. The Act provides powers in relation to individual firms for the UK regulators to ensure necessary levels of protection for financial stability and consumer protection.
	The Act constrains the use of the UK regulators’ intervention powers to a limited set of circumstances. They will only be able to use those powers on their own initiative if certain conditions specified in the Act are met.
	The Act requires the UK regulators and FSCS to cooperate among themselves and with the GFSC and update their memoranda of understanding accordingly to set out adequate procedures and approaches to resolving possible supervisory concerns under the GAR.
	The UK regulators will also have powers over Gibraltar-based firms by virtue of these firms being ‘authorised persons’ under FSMA. This reflects the current position in relation to FSMA being applicable to Gibraltar-based firms ‘passporting’ into the UK.
	In order to provide sufficient procedural safeguards, the Act also sets out a Gibraltar-based person’s right to make representations and refer a matter to the Upper Tribunal.