Apply for a licence



This page describes the GFSC’s application process.

This section sets out

  • What is a prospectus and what does it allow you to do?
  • What do you need to submit?
  • Contents of the prospectus
  • Material changes

What is a prospectus and what does it allow you to do?

A prospectus or offer document is a legal disclosure document issued by entities when making an offer of securities or other financial instruments to the public to raise further capital.

The Prospectus Directive 2003/71/EC, was introduced by the European Commission, and was transposed locally into the Prospectuses Act 2005 (the Act). This Directive ensures clear and consistent information is presented for the protection of investors. This Directive applies to securities and the units issued by collective investment undertakings of a closed-ended type.

An entity is unable to offer its products to the public without the prior approval and publication of a prospectus by its Home State Competent Authority.

What do you need to submit?

Dual Application: Prospectus and Listing Application

Firms looking to list on the Gibraltar Stock Exchange may submit a dual application for both the approval of the prospectus and the listing application. You can follow the process on how to do so on the Listing Authority website by clicking here.

Prospectus Approvals Only

An application pack is required to be submitted with all the relevant documents.

An application will not be considered complete if there are any outstanding documents.

The application pack must consist of:

  • Application Fee
  • Prospectus document(s)
  • Relevant Annex(es)
  • Mapping assessment of how the application meets the relevant legislative threshold requirements (i.e. statutory/regulatory criteria for licensing under relevant Act/s)

Any other document the applicant considers the GFSC should take into consideration as part of the application.

Contents of the prospectus

The prospectus must consist of sufficient and specific information so that investors can make an informed decision. This includes, amongst other requirements:

  • A schedule with the most important information;
  • Financial analysis regarding the assets and liabilities and financial position of the company;
  • The Issuer’s details and products being offered;
  • The rights attaching to these offers;
  • Major shareholders and related party transactions; and
  • Associated risks.


Please see below the application fees that must accompany your application.

Please note that if you are applying for the approval of more than one prospectus, the aggregate fees will apply.

Dual Application

Type Application Fee
Base prospectus (for an offering programme) £550
Non-Equity prospectus £1,100
Equity prospectus £1,100
Registration Document (for an offering programme) £1,100
Supplementary prospectus £550
Securities Note £550
Summary £550

Prospectus Approval Only

Type Application Fee
Equity) £6,500
Non-Equity £2,500
Material Changes £500

Details on the payment methods can be requested from the Accounts team.

The GFSC aims to process all applications promptly.

The current service level standards for prospectus applications are:

  1. To acknowledge receipt of the application within 2 days;
  2. To provide a decision within 10 working days of receipt.*

* The timeframe for providing a decision is extended to 20 days when the offer involves securities.

Please be advised that the above service level standards commence only if a complete application has been received. Where we require further information or documents from an applicant the service level standards will not commence until the information has been received.

Please note that should we be unlikely to meet our service level standards, we will advise you as soon as possible.