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Gibraltar Tidies Up Mass Of Financial Legislation As Offshore Competition Continues
Tom Burroughes
28 January 2015
Gibraltar’s government and financial regulator have launched a bid to sharpen the tiny jurisdiction’s competitive edge against other international financial centres, rationalising more than 80 pieces of existing legislation and guidance into a single act and handbook. The project has been announced by the Gibraltar Financial Services Commission and HM Government of Gibraltar, and is part of the FSC’s strategic programme published in October last year, the organisations said in a statement yesterday. The offshore jurisdiction, which is a British Overseas Territory, is pitted against other Mediterranean financial centres such as Malta, Monaco and Cyprus in sectors such as banking and fund registration, among others. “We will be putting in place a simpler, highly navigable legal framework, which will, together with our investment in strengthening the FSC, result in a more efficient and responsive regulatory regime building on enhancing the key elements of our reputation, regulation and speed to market,” the minister for financial services and gaming, Albert Isola, said.