Decision Making Committee
The Decision Making Committee ("DMC") will be an independent statutory Committee of the GFSC that will make certain regulatory decisions.
The DMC will consist of six members including three lawyers and three individuals with significant financial services expertise.
The DMC will make specific regulatory decisions as set out in Section 24 of the Bill. Some examples of these include:
• Decision notices linked to supervisory or sanctioning powers (unless the recipient has agreed to the warning notice in writing)
• ‘Urgent’ notices that impose a supervisory or sanctioning power without having been preceded by a warning notice
• To refuse a Regulated Individual’s approval