The Legislative Reform Programme is a joint initiative by HM Government of Gibraltar and the Gibraltar Financial Services Commission to deliver a streamlined legislative and regulatory framework for financial and professional services in Gibraltar. The initiative will rationalise over 80 different pieces of current legislation and multiple GFSC guidance notes into one Act and a single accompanying regulatory Handbook.
The legislative reform is further intended to ensure that the legislation relating to financial and related professional services (professional trustees and company managers, auditors, and insolvency practitioners) is easier to understand, more navigable for practitioners. It will work in a way that facilitates innovation in financial and professional services and speed to market, both now and in the future, whilst at the same time strengthening it in various areas.
The reform will deliver major benefits for firms, consumers and new market entrants. The intention is that firms and consumers alike experience proportionate and effective, risk-based regulation and this should mean that firms’ time and money is spent mitigating substantive regulatory risks.
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.
We will be conducting extensive consultation on the legislative changes and we will provide regular updates on the progress of the Legislative Reform Programme via our Business Plan Updates which are available here.
Our policy team welcomes ideas about how we can improve the financial and professional services legislative and regulatory framework. If you would like to make a suggestion or comment on the projects we are working on, please contact us.