The legislation, which became effective on July 31, follows through on an announcement by the governments of the UK and Gibraltar in December 2005 that firms in the jurisdiction would be allowed to market and sell, or passport, their services in the UK market.

A Gibraltar government spokesman confirmed that: “This legislation enables the Gibraltar investment services industry to begin to benefit from the December agreement between the two Governments."

The spokesman added that the legislation "completes the investment services passporting project undertaken by the Government, and adds a further string to the Finance Centre’s bow".