The Legislative Reform Programme In Gibraltar – A Success Story?

The Financial Services Act 2019 ("FSA 2019") finally came into effect on 15th January 2020. It filled me with dread when I saw that it was 667 pages long and accompanied by 41 pieces of supporting regulations. Why was it needed? Has it succeeded to "provide a clear, more navigable and accessible legislative framework for financial services that will facilitate innovation" as intended by the Government of Gibraltar ("GoG")? The FSA 2019 was the result of the legislative reform programme ("LRP") driven by the GoG and the Gibraltar Financial Services Commission ("GFSC").  It was announced in 2016 and it was not until recent months that the consolidation and rationalisation processes were completed with the implementation of FSA 2019.

The FSA 2019 must be seen against the wider ambitions of the GoG, being to create an innovative financial centre, which can be the match of anywhere in the World.