LRP Legislation

The Act and the LRP Regulations came into effect on 15 January 2020

As a reminder, the LRP Regulations do not change the substance of the legislation they derived from and they remain similar. The changes made were necessary to align the content with: 

  • the terminology of the Act; and 
  • the new concepts and policy introduced by the Act (which were consulted on and presented to industry in June).

There are numerous sector specific regulations and a few regulations that apply to either all or some sectors (like the GFSC fees regulations). These are all based on the relevant previous legislation.

The sector specific regulations contain all the relevant requirements that previously applied to the sector in question and make the legislation more navigable and accessible. Some of the previous content has been omitted as it is covered by cross-sectoral parts of the Act. We have tried, as far as possible, to consolidate all the requirements applicable to one sector into one set of regulations so that firms do not have to refer to multiple sets of regulations to understand what applies to them.

If you have any questions on anything raised on this page please contact our LRP Team via email on LRP@gfsc.gi 

The Act

Financial Services Act 2019

 

Main sector specific regulations

Financial Services (Credit Institutions and Capital Requirements) Regulations 2020
Financial Services (Insurance Companies) Regulations 2020
Financial Services (Insurance Distribution) Regulations 2020 
Financial Services (Insurance Management) Regulations 2020
Financial Services (Investment Services) Regulations 2020
Financial Services (Data Reporting Service Providers) Regulations 2020
Financial Services (Mortgage Credit) Regulations 2020
Financial Services (Electronic Money) Regulations 2020
Financial Services (Payment Services) Regulations 2020
Financial Services (Distributed Ledger Technology Providers) Regulations 2020
Financial Services (Fiduciary Services) Regulations 2020
Financial Services (Alternative Investment Fund Managers) Regulations 2020
Financial Services (Experienced Investor Funds) Regulations 2020
Financial Services (Depositaries) Regulations 2020
Financial Services (Collective Investment Scheme Administrators) Regulations 2020
Financial Services (UCITS) Regulations 2020
Financial Services (Personal Pensions) Regulations 2020
Financial Services (Occupational Pensions Institutions) Regulations 2020
Financial Services (Bureaux De Change) Regulations 2020
Financial Services (Payment Accounts) Regulations 2020
Insolvency Practitioners Regulations 2020
Financial Services (Official Listing) Rules 2020

Financial Services (Recovery and Resolution) Regulations 2020

Cross-sectoral regulations 

Financial Services (Fees) Regulations 2020
Financial Services (GFSC Complaints) Regulations 2020
Financial Services (Specified Regulatory Decisions) Regulations 2020
Core Rules 2020

Regulations implementing an EU Regulation

Financial Services (Packaged Retail and Insurance Based Investment Products) Regulations 2020
Financial Services (Alternative Investment Fund Managers: European Social Entrepreneurship Funds) Regulations 2020 
Financial Services (Alternative Investment Fund Managers: European Long-Term Investment Funds) Regulations 2020 
Financial Services (Alternative Investment Fund Managers: European Venture Capital Funds) Regulations 2020  
Financial Services (Transparency of Securities Financing Transactions and Reuse) Regulations 2020
Financial Services (Financial Markets and Insolvency: Settlement Finality) Regulations 2020
Financial Services (Interchange Fees: Card-Based Payment Transactions) Regulations 2020
Financial Services (Benchmarks) Regulations 2020


Other regulations

Financial Services (Credit Institutions: Branch Accounts) Regulations 2020
Financial Services (Credit Institutions: Accounts Directive) Regulations 2020
Financial Services (Insurance Companies: Accounts Directive) Regulations 2020  

Financial Services (Insurance Companies: Special Purpose Vehicles) Regulations 2020 

Financial Services (Insurance Business Transfers) (Saving) Regulations 2020
Financial Services (Financial Conglomerates) Regulations 2020