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Gibraltar’s Financial Institutions Face Stringent Regulatory Requirements

The Government of Gibraltar has issued a series of regulations and amendments aimed at ensuring the stability and soundness of the country’s financial institutions. These regulatory requirements are designed to protect depositors, investors, and consumers from potential risks.

Recent Developments

  • The Financial Services (Credit Institutions and Capital Requirements) (Amendment No. 2) Regulations 2024 was published on June 13, 2024. This amendment builds upon previous regulations aimed at strengthening capital requirements for credit institutions operating in Gibraltar.
  • The Financial Services Act 2019 came into force on July 23, 2019. The Act provides a comprehensive framework for financial services in Gibraltar, covering areas such as banking, insurance, and investment firms.

Key Regulations

  • The Financial Services (Insurance Companies and Credit Institutions) (Amendment) Regulations 2023, published on September 8, 2023, introduced new prudential requirements for insurance companies and credit institutions. The regulation aimed to enhance the resilience of these financial institutions in the face of potential risks.
  • The Financial Services (Accounts and Information) (Amendment) Regulations 2022, which came into effect on November 24, 2022, updated the reporting requirements for financial institutions operating in Gibraltar.

Post-Brexit Regulatory Landscape

The regulatory landscape has undergone significant changes since the UK’s exit from the European Union. The Financial Services (Miscellaneous Amendments No. 2) (EU Exit) Regulations 2022, published on June 23, 2022, aimed to ensure a smooth transition by amending existing regulations.

Compliance Requirements

Financial institutions operating in Gibraltar must comply with these regulatory requirements to maintain their licenses and continue operating in the country. Failure to do so may result in penalties or even revocation of their licenses.

Overall Objectives

The regulatory framework in Gibraltar aims to promote financial stability, consumer protection, and market integrity. The regulations are designed to ensure that financial institutions operate in a safe and sound manner, minimizing risks to depositors, investors, and consumers.