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Consultation launched into how GFSC handles licence applications

Photo by Eyleen Gomez

The Gibraltar Financial Services Commission and the Gibraltar Government have launched a consultation on the way the regulator deals with licence applications by firms.

The aim is to develop a new approach to licence applications by firms, with the aim of streamlining the process into deliberate stages and dealing with the major areas of importance at the front end of applications.

“As a result of this work, the GFSC has carried out a comprehensive and detailed review of the entire application process for each sector and application, and has designed a new methodology for these applications to be considered,” the GFSC and the Government said in a joint statement.

“The consultation launched [on Tuesday] forms part of an in-depth Authorisations Review and will provide for further analysis on how the GFSC enhances its authorisation process and reinforces its commitment to its redesign for the benefit of the financial services industry in Gibraltar.”

This effective new approach is sector-specific and consists of a three or four-staged process dependent on sector, where the applicant would move through the stages whilst maintaining the highest regulatory standards, the parties said in a statement.

Highlighting the work of the authorisations review, GFSC CEO, Kerry Blight said: “Our obligation in providing speed to market alongside the highest international standards remains a priority and has been at the forefront of this work.”

For his part, the Minister for Financial Services, Albert Isola, said this will “mark a significant change in our approach to firms applying to the GFSC”.

“Speed to market is critical to our Jurisdiction, especially so when we are working to maintain the highest international standards and committing to faster response times,” Mr Isola said.

“This is exactly what the industry needs at this moment in time.”

The deadline for the consultation is September 30, 2023 and the GFSC will consider all responses and publish further communications thereafter.

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