HMGOG and the GFSC have for some time been considering a new approach to license applications by firms to the GFSC with the ultimate aim of streamlining the process into deliberate stages and dealing with the major areas of importance at the front end of applications.
As a result of this work, the GFSC has carried out a comprehensive and detailed review of the entire application process for each sector and application, and has designed a new methodology for these applications to be considered.
The consultation forms part of an in-depth Authorisations Review and will provide for further analysis on how the GFSC enhances its authorisation process and reinforces its commitment to its redesign for the benefit of the financial services industry in Gibraltar.
This effective new approach is sector-specific and consists of a three or four-staged process dependent on sector, where the applicant would move through the stages whilst maintaining the highest regulatory standards.
Highlighting on the work of the authorisations review, GFSC CEO, Kerry Blight said: “Our obligation in providing speed to market alongside the highest international standards remains a priority and has been at the forefront of this work.”
The Minister for Financial Services Albert Isola MP commented; “I am absolutely delighted with this work and commend Kerry and his team for this excellent and detailed review which will mark a significant change in our approach to firms applying to the GFSC. Speed to market is critical to our Jurisdiction, especially so when we are working to maintain the highest international standards and committing to faster response times. This is exactly what the industry needs at this moment in time.”
The deadline for the consultation is the 30th September 2023 and the GFSC has said it will consider all responses and publish further communications thereafter.