Gibraltar’s Financial Services Commission (FSC), along with the country’s government, has initiated plans to rationalise over 80 different pieces of current legislation and multiple FSC guidance notes into one act and a single accompanying regulatory handbook.
The joint initiative, dubbed the Legislative Reform Programme, has been undertaken in order to deliver a streamlined legislative and regulatory framework for financial and professional services in Gibraltar.
Within the proposal paper, the FSC has stated that the reforms will affect: insurance companies (including insurance-linked securities); reinsurance companies; insurance intermediaries; and insurance managers.
The handbook will provide guidelines on conduct specific to insurance mediation, giving investment advice, acting as an insolvency practitioner, and acting as an auditor.
According to the FSC, the legislative reform is further projected to ensure that the legislation relating to financial and related professional services is “easier to understand” and “more navigable for practitioners”.
The FSC said: “We recognise the significance for financial and professional services firms and we are keen to work with practitioners to develop a regime that is fit for purpose for the Gibraltar market.”
The commission has confirmed that it will be conducting “extensive” consultation on the legislative changes and we will provide regular updates on the progress of the Legislative Reform Programme itself.
