GFSC’s new staged authorisation approach to commence in 2024
The Gibraltar Financial Services Commission (GFSC) has published a paper outlining responses to a consultation issued last August on its proposed ‘Staged Application for Authorisation Approach’, a new process that will come into force in 2024 to meet regulatory objectives while ensuring ‘speed to market’.
The consultation outlined the GFSC's proposal for a more structured and refined approach to the authorisation application process.
The GFSC received six responses to the consultation from a combination of regulated firms, industry bodies and other external stakeholders.
“Many of the responses received directly expressed agreement with the principles of the proposal, viewing the Staged Approach as a positive initiative that will provide the financial services industry in Gibraltar with a clear, efficient, and robust framework for the authorisation of new firms,” the GFSC said.
“The questions posed to the GFSC ranged from points of clarification to substantive suggestions on the implementation of the staged approach.”
Kerry Blight, the chief executive of the GFSC, said the response paper addressed key areas of feedback raised by the respondents.
“The paper echoes our priority of ensuring speed to market and preserving the highest of international regulatory standards within the jurisdiction,” he said.
“I’d like to thank all those who responded to the consultation and we look forward to introducing the new staged approach at the start of 2024.”
Having considered the responses received to the consultation, the GFSC said it will now look to continue developing and refining the internal infrastructure required to successfully implement the Staged Approach.
Information on the Staged Approach will also be published to the GFSC website, making the structure and content of the Staged Application Process accessible to all stakeholders.
The Staged Approach will come into effect at the start of 2024.
From this point, all initial applications will be submitted in line with the Staged Approach outlined by the GFSC and must contain the information requested by the GFSC.
Nigel Feetham, the Minister for Financial Services, said: “Ensuring the robustness and thoroughness of the regulatory permission process, which falls under the responsibility of the GFSC, is of paramount importance.”
“Simultaneously, the aim is to expedite the regulatory application outcomes to leverage one of our key jurisdictional advantages, which is speed to market.”
“I extend my thanks to the GFSC for proactively engaging with the industry to gather their perspectives and for the numerous comprehensive responses received.”
“I eagerly anticipate the implementation of the enhanced process commencing in 2024."