Apr 27 - Series Of Documents On GFSC’s Regulatory Approach Published
The Gibraltar Financial Services Commission (‘GFSC’) has today published 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 Strategy2 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 the GFSC will be doing to meet its objectives and the priorities its team 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 the GFSC will and will not tolerate and what it finds generally acceptable.”
The Supervisory Approach details how the GFSC will be supervising firms, and both what licensees can expect from the GFSC in this process, and what it expects from licensees. The Enforcement documents set out its approach to regulatory enforcement and the processes that will apply when it takes 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, the GFSC says it envisages holding similar events annually as well as a range of other workshops throughout the year.
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