Country Manual Private Banking
Gibraltar Brexit
out of Bank’s Country of Establishment (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | Yes |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
The manual covers the regime applying to banks that are incorporated in a member state of the EEA that were up until the end of 2020 able to passport services into Gibraltar and have restricted temporary approval for Gibraltar in relation to pre-existing contractual obligations under the Financial Services (Passport Rights and Transitional Provisions) (EU Exit) Regulations 2020 (PCO Regime). There have been no changes to the relevant regulations for the PCO regime since the last update of this manual, but there have been some other changes to financial services law in Gibraltar.
This manual has been rewritten on BRP’s editing platform so that it now features a full Regulatory Template in contrast to the previous version which featured just an extended Regulatory Summary and a Behaviour Template. This means that the manual covers more topics including business relation with third parties. Generally, the contents largely mirror those of the standard BRP manual for Gibraltar out of a third country, but there are differences in relation to the treatment of ongoing activity that is for the performing pre-existing contractual obligations.
The PCO Country Manual has been reviewed to ensure that the content of all documents remains accurate and in line with the evolving interpretation of the current legal and regulatory framework. Pertinent changes are :
The third party section reflects that arranging is now a regulated activity in Gibraltar as is arranging for the safekeeping and administration of investments.
The manual now reflects that Gibraltar has removed its provisions covering Representative Offices. No such offices are now allowed in Gibraltar.
Non-material changes
There is more detail in the answers covering reverse solicitation for investment services. Also, some comments have been reworded and further non-material changes have been made throughout the documents.
For more information, please contact us: info@brpsa.com
Geneva, June 17th, 2025