Does Gibraltar still sit under ESMA?
Brexit had a big impact on the small island of Gibraltar. Unlike other British Overseas Territories, it was part of the EU and participated in the referendum. After Brexit, Gibraltar has ceased to be part of the EU and had to deal with the regulatory shift, similar to the UK. With their transition out of the EU, the island state no longer sits under the regulatory regime of ESMA and their oversight.
Does Gibraltar sit under the FCA or is it outside of its scope like the BVIs?
Gibraltar does fall under the FCA’s regulatory jurisdiction, unlike the British Virgin Islands (BVIs). It is different from other British Overseas Territories.
Does Gibraltar have its own EMIR & MiFIR or fall under the FCA’s version?
Gibraltar was part of the EU prior to Brexit and was reporting to ESMA. However, it now falls under the FCA’s EMIR and MiFIR jurisdiction. This means that entities based on the island have the same reporting obligation as those in mainland UK.
What do the Gibraltar Financial Services Commission (GFSC) control?
As in many other aspects, Brexit has created confusion when it comes to the regulation of financial products in Gibraltar. Although the GFSC has the responsibility to regulate the financial services industry, they do not have their own specific regulatory reporting rules. As such, reporting falls under the jurisdiction of the FCA.
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