Banking operations in Gibraltar are governed by the Banking Ordinance 1992 which brought Gibraltar's banking legislation in line with the EU First and Second Banking Co-ordination Directives. The Ordinance is administered by the Commissioner of Banking. A major implication of the new legislation is that branches of authorised EU Banks may set up in Gibraltar without the need for further authorisation procedures. Similarly Gibraltar licensed Banks may also branch out into Europe.
SUBMISSION OF FORMAL APPLICATION
Except for branches of authorised EU Banks, applicants must submit a formal application form together with supporting documentation setting out the nature and scale of the business the applicant intends to carry on and details of the arrangements for its management. In addition and as part of the application process individual directors, controllers and managers are required to complete a questionnaire relating to their background, business record and experience.
