12/12/19

GIBRALTAR: New Financial Services Regulation to Start Next Year.

As published on chronicle.gi, Wednesday December 11, 2019.

An overhaul of the legislative framework underpinning all the financial service sectors in Gibraltar will come into effect next month.

The new Financial Services Act was subjected to extensive consultation before the legislation was brought to Parliament and passed unanimously earlier this year.

The new legislation updates and consolidated some 90 disparate pieces of legislation into one framework for financial services.

It also ensures a degree of harmonisation between all financial services sectors and provides a comprehensive framework consistent with that of a modern international financial services jurisdiction.

Additionally, the legislation provides for a series of sector specific regulations the bulk of which regulate each type of financial business such as insurance, banking, investment services.

The regulations generally transpose the legislation that already existed but in a different format and in a manner that will make the legislation more navigable and accessible.

Thirty seven out of forty one regulations have been made available on the Financial Services Commission website, at the Government’s request, since Monday 2nd December with the remaining four to be uploaded shortly.

Prior to the passing of the legislation the Government said it had worked closely with professionals at the Gibraltar Financial Service Commission responsible for the development and drafting of the Bill and had consulted extensively with the Finance Centre Council on the major areas of change proposed to the current legislation.

The Government intends to commence the new Act and repeal the current legislation on Wednesday January 15, 2020 and the underlying regulations will also come into force on that date.

The Minister for Financial Services, Albert Isola, said: ‘I am delighted that this massive legislative project is now close to being finalised and will be commenced on January 15, 2020.”

“I would like to thank both the industry and the regulator for their very close cooperation over the last three years on this important work; an excellent example of working in partnership.”