The Financial Services Commission welcomes new Standard on the Regulation of Trust and Company Services Providers
The Gibraltar Financial Services Commission (“FSC”) has welcomed the new Standard of Regulation that has been issued by the Group of International Finance Centre Supervisors (“GIFCS”).
The FSC is a member of GIFCS and actively participated in the working group which drafted the standard. The FSC has been regulating this sector for over 26 years, during which it has accumulated a wealth of knowledge and experience, proved invaluable during the drafting process.
The Standard is the first of its type and introduces a new minimum benchmark for businesses administering international trusts and companies. It was formally adopted at the GIFCS plenary meeting held last month in China and attended by senior FSC staff. Gibraltar is well positioned to meet, and in some areas already surpasses, the new GIFCS Standard on the Regulation of Trust and Company Service Providers.