Gibraltar to Streamline Financial Services Legislation

Gibraltar has announced that it is to begin an overhaul of its financial services legislation, codifying over 80 pieces of legislation and many Financial Service Commission (FSC) guidance notes into a single Act and accompanying handbook. The project is part of the Government's strategy for the development of the Gibraltar financial and professional services market and a key component of the FSC's strategic program published on October 14, 2014. The project will involve consultation with the industry and all stakeholders throughout the process.
 
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Minister for Financial Services and Gaming Albert Isola said: "This program is groundbreaking. We will be putting in place a simpler, highly navigable legal framework, which will, together with our investment in strengthening the FSC, result in a more efficient and responsive regulatory regime building on enhancing the key elements of our reputation, regulation, and speed to market. I am most grateful to the legal firms who have agreed to support this initiative and will be working closely with the FSC to deliver this for the benefit of all."
 
The Chief Executive Officer of the FSC, Samantha Barrass, said: "I am very much looking forward to working with the Government on this program. The new framework will significantly enhance our ability to protect consumers and the reputation of Gibraltar financial and professional services, whilst being easy for the industry to do business with."
 
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