Gibraltar's Legislative Reform Programme (LRP) And Financial Services Act 2019

Gibraltar's new Financial Services Act ("the Act") and accompanying regulations ("the LRP Regulations") will come into force on 15 January 2020, following the passing of the Act in Parliament in July 2019. The implementation of this new legislative structure will consolidate Gibraltar's current financial services framework into a single Act together with the additional LRP Regulations, which will provide sector-specific regulation. The Act consolidates all EU and local legislation in relation to financial services with 41 sector-specific LRP Regulations implemented alongside. Draft Regulations have been issued and are made available here. Much of the substance under the current framework will remain the same with key changes being made to Regulated Individuals and the Permissions Regime. Further changes have also been made to sanctioning and investigatory powers of the Gibraltar Financial Services Commission ("GFSC") and the related costs. The Act also introduces a