Explanatory Note
(This note is not part of the Regulations)
These Regulations are made in exercise of the powers in section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018 (c. 16) in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (including deficiencies under paragraphs (a), (b), (c), (d), (e) and (g) of section 8(2) of that Act).
Part 2 and Schedules 1 and 2 modify the Insurers (Reorganisation and Winding Up) Regulations 2004, the Credit Institutions (Reorganisation and Winding Up Regulations 2004 and the Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005 as they apply to Gibraltarian insurers and credit institutions, and to the determination of Gibraltarian rights in relation to the winding-up or reorganisation of UK insurers and credit institutions. They amend the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 to make appropriate provision for Gibraltar following exit day, and also amend the Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations, the Friendly Societies (Amendment) (EU Exit) Regulations 2018, the Market Abuse (Amendment) (EU Exit) Regulations 2018, the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 and the Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 to ensure that the amendments made by these EU Exit instruments are capable of applying, where relevant, to Gibraltar, in order, for example, to preserve rights of Gibraltarian firms in relation to the United Kingdom, and of UK firms in relation to Gibraltar.
Part 3 saves the effect of certain legislation in relation to Gibraltar-based firms and activities. The legislation concerned forms part of retained EU law is otherwise revoked or amended by specified regulations made under the European Union (Withdrawal) Act 2018
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.