Context
The FCA has issued guidance for firms which may wish to passport in and out of Gibraltar. Under current UK legislation, firms in the UK and Gibraltar can apply for a passport if they wish to provide cross-border services or exercise the right of establishment in either of these countries.
Key points to note
- The FCA intends to maintain the current regulatory position on Gibraltar in its Handbook until 31 December 2021
- If a firm wishes to passport into the UK, it will need to apply to the Gibraltar Financial Services Commission which will then in turn submit a notification to the FCA
- UK firms should use Connect to either passport into Gibraltar or change or cancel an existing passport into Gibraltar
- To cancel the passport of an Appointed Representative (AR) under the legislation amended by the Insurance Distribution regulations (UK IDD) firms should email passport.notifications@fca.org.uk
- The FCA does not charge a fee for passporting notifications
- For UK IDD firms the FCA estimates the time taken to process a notification to be one month
- A UK AR which conducts insurance distribution activity can passport if its principal permits it to do so as defined in UK IDD
- The principal should send a joint passporting notification on the AR’s behalf; the AR can only conduct regulated activities for which its principal has permission
- The principal is also responsible for ensuring that the AR complies with the relevant conduct of business rules