Queen’s speech pledge to deliver long-term market access for UK and Gibraltar firms
The Government has pledged to ensure that the UK maintains its world-leading regulatory standards and remains open to international markets after we leave the EU. In her speech delivered in Parliament, the Queen said; “My ministers will bring forward legislation to ensure the United Kingdom’s exit on that date and to make the most of the opportunities that this brings for all the people of the United Kingdom.”
As regards financial services, legislation will be put in place with view to:
Delivering the commitment for long-term market access between the UK and Gibraltar for financial services firms.
Simplifying the process which allows overseas investment funds to be sold in the UK to maintain our position as a centre of asset management and provide more choice to UK consumers, in line with commitments made during our preparations for leaving the EU.
Enabling implementation of the Basel standards to strengthen the regulation of global banks, in line with previous G20 commitments.
This legislation will build on the extensive secondary legislation that the Government brought forward under the EU (Withdrawal) Act 2018 to ensure the effective operation of retained EU law, and thereby support the financial services sector.