Functions of the Gibraltar Financial Services Commission and exercise of delegated authorities by the Chief Executive
The Gibraltar Financial Services Commission (the Commission) is established by the Financial Services Commission Act 2007 (the “Act”). The Commission’s functions are set out in section 6 of the Act. A copy of section 6 of the Act is set out in Schedule 1.
The Commission must discharge its function in the manner set out in section 7 of the Act. The Chief Executive of the Commission (the “CEO”) is appointed under section 8 of the Act.
The Commission has the power to delegate the discharge of any of its functions to the CEO under section 9 of the Act. The delegation by the Commission to the CEO does not prevent the Commission discharging the same functions. In the event the Commission decides it should exercise any of its functions, it can. It is able to revoke any delegation at any time.
Section 10 of the Act sets out the Commission’s powers for the discharge of its functions.
The Commission delegates its functions under section 6 of the Act and its powers under section 10 of the Act to the CEO. This delegation excludes the functions set out in section 6(1)(g), (i) and (j). The CEO must discharge the delegated functions in accordance with section 7 of the Act.
Dated 20 March 2018
Functions of the Commission.
6.(1) The functions of the Commission are-
(a) to supervise Authorised persons in accordance with this Act and the Supervisory Acts;
(b) to consider and determine applications for authorisations, licences, recognitions and registrations made under the Supervisory Acts;
(c) to monitor compliance by Authorised persons with such legislation, rules, codes and guidance made under this Act or any Supervisory Acts;
(d) to monitor compliance by Authorised persons with legislation, rules, codes and guidance relating to the prevention of financial crime;
(e) to monitor financial services business carried on in or from Gibraltar and to take such appropriate action as it is empowered to do against persons carrying on such business without the necessary authorisation, licence or registration;
(f) to carry out the duties and discharge the functions imposed on, or given to, it under this or any other Act;
(g) to determine subject to the approval of the Minister the terms of service of the Chief Executive;
(h) to determine the number and skill mix of employees required by the Commission to carry out its functions and to determine their terms and conditions of employment;
(i) to monitor and oversee the performance by the Chief Executive of all functions delegated to him by the Commission;
(j) to approve the annual estimates of income and expenditure to be furnished to the Minister under section 16; and
(k) in respect of those areas of financial services business where Community law applies, to supervise and regulate financial services business carried on in or from Gibraltar in accordance with Community obligations and in those areas to establish and implement standards and supervisory practices which match the standards and supervisory practices governing the provision of financial services within the United Kingdom.