Gibraltar: Gibraltar Financial Services Commission
FSC restructuring plans for 2015
he Gibraltar Financial Services Commission (FSC) has recently announced restructuring plans for 2015. The restructure will take effect on 1 January 2015, focussing on supporting efficient and effective delivery of the FSC’s regulatory objectives and with a particular focus on strengthening existing sector-specific expertise. This will further enhance the Regulator’s accountability and transparency, which in turn will bolster the reputation of Gibraltar’s financial services sector.
Gibraltar’s reputation was further enhanced recently when it received a glowing review from the Organisation for Economic Co-operation and Development (OECD) on its record of Transparency and Exchange of Information. The OECD rates countries and territories by analysing ten ‘elements’, such as accounting, network of agreements, access power, and the rights and safeguards of parties. The findings of the review rated Gibraltar as compliant in 7 out of 10 of the essential elements examined and overall largely compliant in the remaining 3. The overall rating had Gibraltar in line with e.g. Germany and the United Kingdom.