Access to Financial Services Markets Market access arrangements for financial services between the UK and Gibraltar Transitional arrangements in the event of market access withdrawal
If market access were withdrawn for an approved activity, the Government would ensure that this does not create a cliff edge for Gibraltar-based firms operating in the UK, which could otherwise result in disruption for UK business and consumers.
	The Act provides for transitional arrangements so that Gibraltar-based firms can continue to undertake the relevant activity in the UK for a temporary period of time after market access is withdrawn. Gibraltar-based firms would not need to apply to be covered by this mechanism and they would be able to use this period of time to apply for authorisation from the UK regulators or exit the market in an orderly fashion. The Government will be able to specify on an activity-by-activity basis the specific duration for the winding-down arrangements. The UK regulators will also be able to restrict the extent of business under the transitional arrangements, so that a Gibraltar-based person carrying on an activity for which access has been withdrawn is limited to the performance of existing contracts or to transferring property, rights or liabilities to an authorised person or to complying with requirements imposed by the UK regulators.