Gibraltar’s Financial Services Commission has welcomed the publication on Thursday of a statutory review of Gibraltar's Financial Services Commission, conducted by an HM Treasury review team.
This is the third review commissioned under the Financial Services Commission Ordinance 1989, and was requested by the FSC in view of the rapidly changing regulatory environment in the United Kingdom, as the Commission is obliged by the founding Ordinance to match UK standards of supervision.
According to the FSC, four key areas of its work were considered by the review team, these being: anti-money laundering, banking, insurance and investment services.
The report concluded that the Commission’s supervisory activities, for both insurance and investment services, established and implemented standards that substantially matched UK legislation and practice. Recommendations were made by the review team as to how the FSC could readily make the remaining adjustments necessary to bring it fully into line with recently introduced UK regulatory developments.
The team was also satisfied that the Commission’s approach to banking supervision had succeeded in developing an effective supervisory structure that established standards which met its obligations under the Financial Services Commission Ordinance to match those required by UK legislation and supervisory practice.
Gibraltar’s anti-money laundering regime was judged more robust than that of the UK in a number of areas, “even taking into account the different risks posed by the business”.
Speaking on Thursday, Commissioner Marcus Killick announced that:
“We are naturally pleased that the Commission’s hard work to maintain a robust regulatory regime has been independently validated. We particularly welcome the commendations over our recent enhancements of that regime as well as the support given to our proposals for the future."
The full text of the review of the supervisory activities of the Gibraltar FSC can be found in the Tax News Resources section.
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