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.
