Regulatory Alerts2025-03-28
GFSC Guidance Note on Section 83A of the Financial Services Act 2019
The Gibraltar Financial Services Commission issues this guidance to clarify the obligation for regulated firms to obtain prior consent for material changes to their business plans, financial resources, or corporate governance that may affect threshold condition compliance. The document details specific triggers for consent applications, such as restructuring, significant financial deterioration, or changes in client profiles, while distinguishing these from minor operational adjustments. It further outlines the application process, including fee structures, assessment procedures, and the regulator's expectations for proactive communication and due diligence by firms.
Share