Applying for a permission

Professional Trustee & Foundation Councillor

About

The purpose of this page is to make sure that the application process is fully understood.

This section sets out:

  • What a Professional Trustee and Professional Foundation Councillor are
  • What this regulated activity would allow you to do
  • Authorisation Process
  • Capital Requirements
  • Additional Information

Professional Trustee

Professional Trusteeship is defined as an entity or individual holding out as a professional trustee for profit or reward, or soliciting for such, in or from within Gibraltar.

Professional Foundation Councillor

Professional Foundation Councillor is defined as an entity or individual who is a member of the council of a foundation registered under the Private Foundations Act 2017, and is appointed in order to administer a Foundation, in or from within Gibraltar. 

What would this regulated activity allow you to do?

Companies or individuals authorised as professional trustees and professional foundation councillors can provide company management services without needing separate authorisation.

An applicant who is already authorised as a Professional Trustee and intends to apply to provide Professional Foundation Councillor services, is required to submit a letter together with an application fee to vary the scope of authorisation. This letter should include as a minimum, details on the percentage of business within the firm that would relate to Foundations, an assessment by the firm on skills and resources required to provide this service, Board Minutes when the Board decided to undertake this new service, and confirmation of PII Cover to include the provision of services to Foundations. 

An applicant who is already authorised as a Company Manager and intends to apply to provide Professional Foundation Councillor services is required to submit an application pack and apply for Professional Trusteeship & Professional Foundation Councillor authorisation.

 

Application Process

Individuals

Individuals applying for authorisation to provide directorship services in an individual capacity are only required to submit an Application Form.  Applicants should note that when requesting authorisation, they are required to be associated to and provide services to an already regulated Company Manager. 

Firms

Following successful completion of the pre-application process, applicants should submit an application in line with the Staged Application for Authorisation Approach.

Initially, the applicant will only submit the Stage 1 application information - it is important that only Stage 1 information is provided at the outset of the application process.

The GFSC will communicate to the applicant that the application can progress to the next stage once the GFSC is satisfied with the content provided at the current stage. The applicant will then be invited to submit the further information required at the next stage of the application process.

Please request cloud access from the GFSC to submit the information requested, via e-mail to [email protected], stating in the subject field: ‘Name of Applicant – Application’.  Paper copies are not required unless indicated by the team.

Please note that we accept signed signature copies sent via e-mail and electronic signatures, which must originate from the Regulated Firm /Applicant’s domain.  

Stage 1 - Business Model, Capital & Key Individuals

The following is to be submitted for Stage 1: 

On receipt of the application fee and Stage 1 documents, the GFSC will confirm the GFSC Supervisor who has been assigned to assess the application for authorisation.

Any missing or additional sector-specific documents and/or information required by the GFSC to complete Stage 1 will be communicated to the applicant during Stage 1.

When the GFSC is satisfied with all the responses and information/documentation received, the GFSC will inform the applicant that its application can progress to Stage 2.  

Stage 2 - Risk Management, IT Systems, Corporate Governance & Financial Crime

The following is to be submitted for Stage 2: 

  • Stage 2 of the General Comprehensive Business Plan (not including Stage 3);
  • Documentation and information including, but not limited to:
    • Corporate Governance and control
    • Business Continuity Management Plan
    • IT infrastructure, Cyber and systems including outsourcing arrangements
    • Operational & Outsourcing Risk including material outsourcing arrangements
    • Systems controls & Risk Management
    • Financial Crime controls, compliance with Anti-Money Laundering/Combating the Financing of Terrorism requirements (as applicable)
    • Risk Methodology and framework policy documents
    • Risk Register & controls
    • Disaster Recovery Plan 
    • Updated business plan, if required.

Any missing or additional sector-specific documents and/or information required by the GFSC to complete Stage 2 will be communicated to the applicant during Stage 2.

When the GFSC is satisfied with all the responses and information/documentation received from an applicant, the GFSC will inform the applicant that its application can progress to Stage 3.

Stage 3 - Conduct of Business, Non-Financial Resource, Policies & Procedures

The following is to be submitted for Stage 3: 

  • Stage 3 of the General Comprehensive Business Plan;
  • Documentation and information including, but not limited to:
    • Non-financial resources
    • Compliance structure
    • Conduct of Business (Full Conduct Risk Framework documents)
    • Detail of KPIs
    • Consumer Duty compliance (as applicable)
    • Operational Resilience compliance (as applicable)
    • Remuneration Policy 
    • Conflict of Interest Policy
    • Conflict of Interest Register
    • Liquidity/solvency policies 
    • Internal Audit Plan 
    • Complaints Handling Policy 
    • Terms of Reference of the Board, Board sub-committees, Risk Committee and/or Audit Committee, Underwriting/Pricing committees, as applicable 
    • Audit, accounting, and banking arrangements 
    • Professional Indemnity Insurance 
    • Contracts with parties to whom material operational functions are outsourced 
    • Completed and signed Regulated Individual Forms and Non-Executive Director Forms
    • Mobilisation Plan (if applicable).

When the GFSC is satisfied with the Stage 3 responses and information, the application will move to a GFSC decision for authorisation. 

Capital requirements

Only one regulated firm within a group of holders should be capitalised at the minimum regulatory requirement.

An applicant shall, unless previously agreed in writing by the GFSC, have a paid-up share capital of substance depending on its business that shall not be less than £50,000.

In addition to the above capital requirement, an applicant is expected to maintain a minimum level of financial resources equivalent to 3 months’ worth of operating expenses (or as projected at application) and the measure of these financial resources shall be the net asset figure in the applicant’s balance sheet.

Regulated Firms holding multiple permissions may be required to hold the aggregate of the capital required for each authorisation. We will therefore consider the level of capital on a case-by-case basis. We advise applicants to discuss this with the GFSC ahead of applying.