Commencement Of The Fair Trading Act 2023

The Fair Trading Act 2023 ( the"FTA23") will be commenced on 1st October 2023.

The FTA23 introduces a series of important changes to Gibraltar's business licensing regime. The FTA23 establishes the continuation of the Office of Fair Trading ("OFT") and strengthens its investigatory and enforcement powers; makes provisions for the protection of consumer interests (including the prevention of anti-competitive practises) and for the making and investigation of complaints; encourages good business practices towards consumers; and makes provisions for the licensing of businesses, previously the remit of the Business Licensing Authority (the "BLA").

One of the most significant changes in the FTA23 is the introduction of the Decision Making Committee (the "DMC"), which shall replace the BLA. The DMC will exercise, on behalf of the OFT, the OFT's powers in respect of a specified decision (imposing an administrative penalty or award of compensation, revoking, suspending,