These Regulations are made in exercise of the power conferred by regulation 12(2) of the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/589). They extend by 12 months the transitional arrangements under Parts 2 and 3 of those Regulations which enable specified categories of Gibraltar-based firms to provide financial services in the United Kingdom and facilitate the access by similar types of UK-based firms to Gibraltar’s financial services market.