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Compliance News Updates: Gibraltar Strengthens Its Position as a Modern Financial Services Jurisdiction

Gibraltar’s digital and financial services industry has received a major boost with the commencement of the new Financial Services Act, which consolidates over 90 separate pieces of legislation into a single framework. This landmark legislation aims to make compliance easier, increasing transparency and standards within the industry.

Reforms and Key Measures

The reforms are the result of the largest ever single review of Gibraltar’s financial services legislation, designed to streamline the regulatory system for financial services operators. The new act introduces several key measures, including:

  • Increased checks and balances on the regulator
  • A Permissions Regime that replaces the current licensing framework
  • Firms will need to seek approval from the Gibraltar Financial Services Commission (GFSC) before conducting certain activities
  • Individuals responsible for specific functions within a firm will be required to obtain approval under the newly established Regulated Individuals Regime

Independent Decision-Making Committee

An independent Decision-Making Committee has been set up to handle disputes and ensure fair decision-making processes. The committee is chaired by Sir Peter Caruana QC and comprises other seasoned financial services professionals.

Consolidated Framework and UK Departure from the EU

The new consolidated framework comes at a crucial time, following the UK’s departure from the EU on January 31st. Gibraltar’s government believes that this legislation will strengthen its position as a leading global jurisdiction for financial services providers while maintaining regulatory alignment with the UK.

Industry Collaboration and Future-Proofing

Industry collaboration is at the heart of the new act, which aims to create the right conditions for business to thrive on the Rock. The government has thanked everyone involved in bringing the shared vision for the act to fruition and is committed to upholding high standards and prioritizing innovative pursuits to future-proof Gibraltar’s success as a modern financial services jurisdiction.

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