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GFSC announces new ‘Decision Making Committee’

The new Financial Services Act came into effect yesterday along with the creation of the Decision Making Committee.

This is being described as a “key component” of the Act which will place Gibraltar in line with its UK peers in the decision-making side of its regulatory regime.

The Decision Making Committee is an independent statutory committee of the Gibraltar Financial Services Commission that will make contested and regulatory decisions as provided for in section 24 of the Act.

It is comprised of Sir Peter Caruana, Neil Costa, Nigel Feetham, Joseph Caruana, Edgar Lavarello and Emma Perez, all of whom were chosen for their past experience and expertise.

“The DMC is a key component of the new Financial Services Act and I am sure its members will provide high-quality regulatory decision making,” Minister for Financial Services, Albert Isola, said.

“The DMC is an important commitment by Gibraltar to international standard regulation separating the roles of investigation and prosecution from the final decision making strengthening the regulatory regime for financial services.”

GFSC chief executive, Kerry Blight, added: “The GFSC welcomes the individuals and I congratulate them on their appointment to the independent DMC.”

“The DMC will strengthen our overall decision-making in our regulatory regime and also aligns us with our UK peers.”