With negotiations still ongoing for BREXIT and the transition period, some welcome news has evolved whereby the UK has agreed, in principle, to guarantee access to the finance markets until 2020. In the background they will be working on a new framework which will then replace it.
The UK will be formally offering Gibraltar the important continuation of barrier-free access to their financial markets right up until 2020 and the UK has also made commitments to work alongside Gibraltar in designing the replacement framework which will be effective after 2020.
This news was produced subsequent to a meeting that took place in London with Ministers from the Departments for Exiting the European Union, Europe, and the Treasury, according to the Gibraltar Government.
As stated above, this guarantee will provide free access until 2020 and the framework that will replace it will be designed on the basis of a shared and high standard of regulation. In addition, other news from the meeting assured the British citizens that are resident in Gibraltar that they will still be eligible for higher education home fee status at the English institutions both during any implementation period and beyond.
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Disclaimer:
This document has been issued on the 23th Mar 2018 by Triay Lawyers Limited, trading as Triay Lawyers, a Gibraltar private company limited by shares with registered office at 28 Irish Town, Gibraltar, GX11 1AA and with incorporation number 112599. The information in this document is for general information purposes only and does not constitute professional advice, legal or otherwise and does not intend to be comprehensive. Triay Lawyers does not accept responsibility for any loss that may arise from accessing or relying upon the information contained in this document.
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