The UK Treasury has given the green light for retail investment funds domiciled in Gibraltar to be sold in the UK.

Gibraltar’s financial regulatory body, the Financial Services Commission, said it has been in negotiations with the UK for a number of years in order for Gibraltar based Ucits funds to be allowed to be sold into the UK.

In a statement the chief executive of the FSC, Marcus Killick said: “The FSC has been negotiating with the UK on this issue for a number of years and this finally opens up a natural market which was not previously available to us. With recent changes in EU UCITS legislation this represents a major opportunity for the local industry players to develop this area.”

Gibraltar based Ucits already have similar rights throughout the rest of the European Union via the “passporting” regime established as part of the single European market.

The change also means that Gibraltar-based Ucits asset managers can passport into the UK, as well as the funds they run.

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