The Gibraltar Financial Services Commission have issued a statement announcing the publication of a suite of documents detailing developments in its regulatory approach as well as its business plan and outlook for the next 12 months.
Prior to publication, the Commission held a series of seminars last week, to take members of the industry through its 'Risk Outlook' and 'Appetite Statements', the 'Supervisory Approach', the 'Enforcement Strategy' and the Business Plan for the year ahead. The seminars, which nearly 200 industry members attended, provided a forum for stakeholders to meet and to interact with GFSC staff directly.
"The Business Plan for the period April 2016 – March 2017 highlights what we will be doing to meet our objectives, and the priorities we will be focusing on this year. The Risk Outlook sets out what our risk framework is and what it means to be a risk based regulator and the Risk Appetite Statements clearly set out what we will and will not tolerate and what we find generally acceptable.
The Supervisory Approach details how we will be supervising firms, and both what licensees can expect from the GFSC in this process, and what we expect from licensees. The Enforcement documents set out our approach to regulatory enforcement and the processes that will apply when we take any such action."
Samantha Barrass, CEO, commented, “we are pleased to publish the documents today, as we are setting out in writing some important aspects of the role of the Commission. We thoroughly enjoyed the seminars last week and feedback from the industry was very good. The opportunity to meet GFSC staff and be able to ask questions directly has been welcomed”.
Following the success of the seminars, we envisage holding similar events annually as well as a range of other workshops throughout the year."