Brexit
Please see the other sections for product-specific updates relating to Brexit.
Please see our Brexit financial services webpage which contains, amongst other things, tables detailing Brexit statutory instruments, equivalence decisions, EEA transitional regimes and UK regulators’ publications.
FCA and PRA on passporting in and out of Gibraltar after the transition period
On 31 December, the FCA published a new webpage on Gibraltar passporting arrangements, with the PRA publishing its respective webpage on 4 January. The regulators explain that the transitional arrangements preserving passporting rights between the UK and Gibraltar after the end of the transition period have been extended until 31 December 2021 and can be further extended until such time as the permanent arrangements of the Gibraltar Authorisation Regime are in place. The webpages set out information for firms on how to apply, the application process and applicable timelines, as well as other specifics f
The Regulations have been made to specify that the legal and supervisory framework for stock exchanges in Switzerland meet at least equivalent outcomes to the UK s corresponding regime. The Regulations will allow all investment firms, which are subject to the trading obligation set out in Article 23(1) of the retained EU law version of the Markets in Financial Instruments Regulation (UK MiFIR), to trade shares that fall within scope of the share trading obligation on Swiss trading venues that have been recognised as equivalent (that is, BX Swiss AG and SIX Swiss Exchange AG).
The Regulations were laid before Parliament on 13 January 2021 and will come into force on 3 February 2021.