10 Dec, 2019 @ 20:09
1 min read

GIBRALTAR announces massive overhaul for insurance, banking and investment services

790 1 2019

THE most wholesale change of financial services rules in Gibraltar’s history is now public.

Visible on the Financial Services Commission website, it’s been called ‘a massive legislative project’ not only in size but in detail, by Minister Albert Isola.

The new rules combine a number of smaller pieces of legislation into a single user-friendly act which comes into effect next month.

An extensive consultation period was carried out, after which it was approved unanimously by parliament.

“It consolidated some 90 disparate pieces of legislation into one framework for financial services,” said the Government. “The bulk of it will regulate each type of financial business such as insurance, banking, investment services.”

The Government claim the new legislation will make the rules ‘more navigable and accessible’.

Thirty seven out of forty one of these rules have been made available on the Financial Services Commission website since Monday December 2 with the remaining four to be uploaded shortly.

“I am delighted that this massive legislative project is now close to being finalised,” Minister for Digital and Financial Services, Albert Isola said.

“I would like to thank both the industry and the regulator for their very close cooperation over the last three years on this massive legislative project.”

The Gibraltar Government intends to repeal the current legislation and commence the new Act on January 15 2020.

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