27 January 2015Services

Gibraltar to streamline legislation

A new initiative in Gibraltar aims to deliver a new, streamlined legislative and regulatory framework for financial and professional services.

The initiative, between the Government of Gibraltar and the Gibraltar Financial Services Commission, will rationalise over 80 different pieces of current legislation and multiple FSC guidance notes into one Act and a single accompanying regulatory handbook.

The government said the initiative is an important part of its strategy for the development of the Gibraltar financial and professional services market and is a key component of the FSC’s strategic programme.

Minister for Financial Services and Gaming, Hon. Albert Isola, said: “This programme is ground breaking. We will be putting in place a simpler, highly navigable legal framework, which will, together with our investment in strengthening the FSC, result in a more efficient and responsive regulatory regime building on enhancing the key elements of our reputation, regulation and speed to market. I am most grateful to the legal firms who have agreed to support this initiative and will be working closely with the FSC to deliver this for the benefit of all.”

Samantha Barrass, FSC chief executive officer, said: “I am very much looking forward to working with the Government on this programme. The new framework will significantly enhance our ability to protect consumers and the reputation of Gibraltar financial and professional services, whilst being easy for the industry to do business with.”