Find out how firms can passport between the UK and Gibraltar until 31 December 2021.
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.
At present, we only intend to maintain the current regulatory position on Gibraltar in our Handbook until 31 December 2021. This is in line with the UK Government’s commitment to maintain market access for Gibraltar financial services firms in the UK, until 31 December 2021.
Apply for, change or cancel a passport
If you wish to passport into the UK, you’ll need to apply to the Gibraltar Financial Services Commission (GFSC) who will submit a notification to us.
Please use our online system Connect if you’re a UK firm wishing to either:
- passport into Gibraltar, or
- change or cancel an existing passport into Gibraltar
To apply for, change or cancel a passport under the legislation amended by the following UK regulations, please contact the Prudential Regulation Authority (PRA):
- Capital Requirements (Amendment) (EU Exit) Regulations 2018
- Solvency II and Insurance (Amendment etc.) (EU Exit) Regulations 2018
To notify us about changes or cancellations to an FCA passport, please use Connect.
To cancel the passport of an Appointed Representative under the legislation amended by the Insurance Distribution regulations (UK IDD), email [email protected].
We do not charge a fee for passport notifications.
We charge authorised payment institutions (APIs) authorised electronic money institutions (AEMIs) and registered account information service providers (RAISP) an annual fee of £3 per transaction for adding, amending or removing agent forms.
How we process passport notifications
The time we take to process a notification is determined by the legislation amended by the relevant UK Regulations highlighted below.
|Insurance Distribution (UK IDD) (services and establishment) (paragraph 19(5(aa) & 20(3B)(a) of Schedule 3 FSMA)||1 month|
|Markets in Financial Instruments (UK MiFID) (services) (paragraph 20(3) of Schedule 3 FSMA)||1 month|
|Markets in Financial Instruments (UK MiFID) (establishment) (paragraph 19(5)(b) of Schedule 3 FSMA)||2 months|
|Collective Investment Schemes (UK UCITS) (services) (paragraph 20(3) of Schedule 3 FSMA)||1 month|
|Collective Investment Schemes (UK UCITS) (establishment) (paragraph 19(5)(b) of Schedule 3 FSMA)||2 months|
|Electronic Money or Payment Services (services) (Regulation 27(3) of the Payment Services Regulations 2017)||1 month|
|Electronic Money or Payment Services (UK PSR/EMR/PSD) (establishments) (Regulation 27(3) of the Payment Services Regulations 2017)||1 month|
|Alternative Investment Fund Managers (UK AIFMD) (services) (paragraph 20(3D) of Schedule 3 FSMA)||1 month|
|Alternative Investment Fund Managers (UK AIFMD) (establishment) (paragraph 19(5)(b) of Schedule 3 FSMA)||2 months|
|Mortgage Credit(UK MCD) (services and establishment) (paragraph 19(5)(a) & 20(3) of Schedule 3 FSMA)||1 month|
The information below is based on the Government of Gibraltar legislating to maintain the current level of access for UK financial services.
Passporting rights for UK appointed representatives
A UK-appointed representative (AR) has its own passporting rights under the legislation amended by the UK IDD and does not have to rely on its principal's passporting rights.
UK ARs that conduct 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.
UK tied agents in Gibraltar
Where a UK-authorised firm wishes to use a registered UK tied agent to conduct investment business in Gibraltar under the Gibraltar Order this would need to be notified under the right of establishment. The tied agent can only passport under the rights of the principal.
UK-authorised payment institutions and registered account information service providers with several agents
UK-authorised payment institutions (PIs) and registered account information service providers (RAISPs) can provide services in Gibraltar through an agent established in the UK (using a ‘services’ passport) or established in Gibraltar (using its right of establishment).
The ‘establishment’ of a physical presence (for example, branch and/or agents) in Gibraltar will trigger the need for an establishment notification.
The appointment of an agent established in Gibraltar is likely to amount to an exercise of a right of establishment where the agent:
- has a permanent mandate in relation to payment services
- is subject to your management and control
- is able to provide payment services on your behalf
For more information and for any questions related to passporting in the UK or Gibraltar, please contact us.