In simple terms, the Island is treated as part of the European Union for the purposes of free trade in goods, but otherwise is not a part of the EU. Other nationals of Member States of the European Economic Area and Switzerland. The European Economic Area (EEA) comprises the countries of the European Union (EU), plus Iceland, Liechtenstein and Norway and was established on 1 January 1994.. Who can live in Guernsey? Member states must transpose into national law by 3 July … The export of goods to the EU today represents a relatively small part of Guernsey's economy, whereas when it was introduced in the 1970's Guernsey's main industry was horticulture – tomatoes, and later flowers, were grown locally for export to the UK and the rest of Europe (and most of the raw material in the industry, such as the flower bulbs, were imported from Europe). All Guernsey funds are eligible to be marketed into the European Union and European Economic Area (“EU / EEA”) in accordance with the Alternative… In the first meeting since the Brexit vote, EFTA reacted by saying both that it was open to a United Kingdom return and that it had many issues to work through although the Norwegian Government later expressed reservations. While the purpose of the EEA is to extend the EU’s internal market to countries in the European Free Trade Area (EFTA), the EEA members are not obliged to implement EU policies on: EFTA stands for the European Free Trade Association, which has four member states. As EEA membership is currently only open to EFTA or EU members, the consent of existing EFTA member states is required for the microstates to join the EEA without becoming members of the EU. Guernsey is one of the top four jurisdictions for registering. Guernsey has a retail fund sales Memorandum of Understanding with Switzerland, and is one of only three jurisdictions outside the European Union/European Economic Area to have one. … The European Commission, Parliament and Council reached agreement on the texts for MiFID ii and MiFIR in early 2014 and the two documents were published in the EU Official Journal on 12 June 2014. EU nationals have existing rights of entry and residence under EU free movement law. Here you can find the main text of the Agreement on the European Economic Area (EEA), as well as updated versions of all Annexes and Protocols. Staying in the EEA, possibly eventually as an EFTA member, was one of the suggested options. The protocol entered into force on January 1, 1994, without the signature of Switzerland. The initialism EEA stands for the European Economic Area, which is a European territory consisting of 30 countries. Also, the 'free movement of persons is one of the core rights guaranteed in the European Economic Area (EEA) [...] [it] is perhaps the most important right for individuals, as it gives citizens of the 31 EEA countries the opportunity to live, work, establish business and study in any of these countries'. , On 18 November 2013, the EU Commission concluded that "the participation of the small-sized countries in the EEA is not judged to be a viable option at present due to the political and institutional reasons", and that Association Agreements were a more feasible mechanism to integrate the microstates into the internal market.. The EEA Joint Committee consists of the EEA-EFTA States plus the European Commission (representing the EU) and has the function of amending the EEA Agreement to include relevant EU legislation. (once available) the third-country passporting regime.  Pascal Schafhauser, the Counsellor of the Liechtenstein Mission to the EU, said that Liechtenstein, another EFTA member state, was willing to discuss EEA membership for the microstates provided their joining did not impede the functioning of the organisation. The European Economic Area (EEA) was established via the Agreement on the European Economic Area, an international agreement which enables the extension of the European Union's single market to member states of the European Free Trade Association. MiFID governs those firms that provided defined investment services and products in the European Union (EU) as well as in Iceland, Lichtenstein and Norway (as members of the European Economic Area (EEA)). According to Article 1 its purpose is to "promote a continuous and balanced strengthening of trade and economic relation". Guernsey is not part of the European Union or the European Economic Area. 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