Gibraltar's opposition Progressive Democrat Party has welcomed a new bill that will localise the jurisdiction's Financial Services Commission.
The Revised Financial Services Commission Act 2007 would effectively repatriate the FSC into Gibraltarian hands, and has been "enthusiastically welcomed" by the PDP.
The legislation aims to redress the balance, meaning that in future, the Foreign Office in London will have less of a say over the running of the Gibraltar financial regulator.
"Whilst the current Financial Services Commission has functioned well since 1989 its very make up was colonial and undignified, limiting the number of Gibraltarians that could be part of the Commission and allowing the Foreign Office too much influence in the appointment of its members,” said the PDP.
“This new legislation is an important step in the recognition that Gibraltar and its people are mature enough to self govern and self regulate," the party added.
The PDP said it will study the new legislation, noting that Gibraltar's finance centre continues to play a pivotal role in the economic health of the jurisdiction.
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