Gibraltar Stock Exchange Ready For Brexit
by Jason Gorringe, Lowtax.net, London
19 July, 2016
The Gibraltar Stock Exchange (GSX) said that it sees little change to its regulatory regime in the short term following the United Kingdom's (UK) "Brexit" referendum.
It acknowledges, however, that if Gibraltar wishes to continue to enjoy access to the European Union (EU) single market, it will likely need to demonstrate equivalence to the EU regulatory environment.
Currently EU legislation forms much of the legal basis upon which Gibraltar operates and is unlikely to be repealed wholesale, the exchange said. Gibraltar's compliance with EU directives will remain unchanged, the GSX said, and it can still provide EU gateway services until clarity is reached on the UK's ability to "passport" financial services.
The GSX said, over the medium term, it will continue its efforts to establish its exchange as the gateway for EU and global issuers into the UK's capital markets. Between now and the end of the year the GSX aims to maximize the window of opportunity available, to sign-up new members, continue expanding into debt markets, and to develop innovative new products.
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