Gibraltar Law (PCCGL) flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Financial Services Act 2019

The principal Gibraltar statute consolidating the regulation of financial services, establishing the GFSC's powers, the authorisation regime, and enforcement and appeal mechanisms.

GFSC statutory objectives

The Gibraltar Financial Services Commission's objectives include promoting market confidence, protecting consumers, and contributing to the reduction of financial crime.

Regulated activity

An activity listed in Schedule 2 of the Financial Services Act 2019 that may only be carried out in Gibraltar by a person authorised by the GFSC.

Unauthorised regulated activity offence

Under section 7 of the Financial Services Act 2019, carrying on a regulated activity without GFSC authorisation is a criminal offence and grounds for regulatory action.

Controller notification thresholds

Persons acquiring or increasing control at 10%, 20%, 33%, or 50% thresholds must notify the GFSC and obtain approval before completing the acquisition.

Fit and proper test

The GFSC's assessment of honesty, integrity, competence, and financial soundness applied to applicants, controllers, and senior managers under the Financial Services Act 2019.

Senior Managers and Certification Regime

A Gibraltar regime allocating prescribed responsibilities to approved senior managers and certifying staff in key functions, mirroring the UK SM&CR approach.

GFSC enforcement powers

The GFSC may impose financial penalties, public censure, restrictions on business, require skilled person reports, and petition for winding up or special administration.

Appeal to Supreme Court

A person subject to a GFSC enforcement decision may appeal to the Supreme Court of Gibraltar, which reviews the decision under the Financial Services Act 2019.

Proceeds of Crime Act 2015

Gibraltar legislation creating money laundering, terrorist financing, and failure-to-report offences, and establishing the suspicious activity reporting regime.

Gibraltar Financial Intelligence Unit

The GFIU receives and analyses suspicious activity reports and disseminates intelligence to law enforcement and supervisory authorities in Gibraltar.

Money Laundering Reporting Officer

A designated individual within a regulated firm responsible for receiving internal suspicious activity reports and making external disclosures to the GFIU.

Customer due diligence

Risk-based identification and verification of customers and beneficial owners, including ongoing monitoring, required under Gibraltar's AML/CFT regulations.

Enhanced due diligence

Additional scrutiny applied to higher-risk relationships such as politically exposed persons, correspondent banking relationships, and high-risk jurisdictions.

Politically exposed person

An individual entrusted with prominent public functions, or a close associate or family member, subject to enhanced due diligence under Gibraltar AML rules.

Data Protection Act 2004

Gibraltar's data protection statute, amended to reflect GDPR standards, supervised by the Gibraltar Regulatory Authority and the Data Protection Commissioner.

Gibraltar Regulatory Authority

The GRA regulates data protection and communications in Gibraltar, and acts as the supervisory authority for data protection matters.

Gibraltar Constitution Order 2006

The constitutional instrument establishing the Governor, the Gibraltar Parliament, and the Government, and allocating reserved powers including external affairs and defence.

Companies Act 2014

Gibraltar legislation governing company formation, directors' duties, shareholder rights, and filing obligations with the Companies Registry.

Insolvency Act 2011

Gibraltar statute governing administration, liquidation, and voluntary arrangements, and providing for special administration of authorised financial firms.

Special administration

A regime under the Financial Services Act 2019 permitting the GFSC to seek administration of an authorised firm to protect clients and market stability.

Distributed ledger technology framework

Gibraltar's regime under the Financial Services Act 2019 authorising and supervising firms carrying on DLT and virtual asset activities.

GFSC Principles for Businesses

Conduct standards requiring firms to act with integrity, due skill and care, and to treat customers fairly, enforceable under the Financial Services Act 2019.

Suspicious activity report

A disclosure made to the GFIU by the MLRO where a firm knows or suspects money laundering or terrorist financing, triggering the statutory reporting obligation.

Independent AML audit

A periodic independent review of a firm's AML/CFT systems and controls, required under Gibraltar's anti-money laundering regime and reported to the board.

Market confidence objective

The GFSC objective of maintaining confidence in the Gibraltar financial system, informing its supervisory and enforcement priorities.

Consumer protection objective

The GFSC objective of securing an appropriate degree of protection for consumers of financial services in Gibraltar.

Financial Services Ombudsman

A Gibraltar scheme for resolving complaints between consumers and financial firms, complementing firms' internal complaint procedures.

Global Forum membership

Gibraltar participates in the Global Forum on Transparency and Exchange of Information, supporting cross-border tax and supervisory cooperation.

IOSCO membership

Gibraltar's securities regulator participates in IOSCO, aligning supervisory practice with international securities standards and MoUs.

Re-domiciliation

The process under Gibraltar's Companies (Re-domiciliation) Act allowing companies to move their registered office into or out of Gibraltar.

Skilled person report

A report commissioned by the GFSC from an independent expert to assess a firm's compliance, governance, or financial position under its supervisory powers.