Regulatory Alerts2020-02-21
GFSC Guidance Note 4: Risk Management for Distributed Ledger Technology Providers
The Gibraltar Financial Services Commission (GFSC) mandates comprehensive risk management standards for Distributed Ledger Technology (DLT) providers under the 2020 DLT Regulations, requiring them to establish a cohesive enterprise-wide framework with clear board accountability and defined risk appetite. Providers must implement continuous risk identification and assessment methodologies, maintain a centralized risk register, and integrate risk controls into daily operations and organizational culture. Additionally, firms are obligated to monitor key performance indicators, promptly report material incidents or control failures to the regulator, and ensure robust internal audit and governance mechanisms are consistently enforced.
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