Functions of the Gibraltar Financial Services Commission and exercise of delegated authorities by the Chief Executive
This paper describes the statutory functions of the Gibraltar Financial Services Commission under Section 6 of the Financial Services Commission Act 2007 (FSCA) and describes where the responsibility for this function has been retained by the Commission or where this has been delegated to the Chairman, Chief Executive, Committee or Officers of the Commission.
This paper formally documents the process of delegation of powers under the FSCA as well as the roles and responsibilities of the Chairman and Chief Executive under the Act. Ratification of this paper at a meeting of the Commission will be evidence of its formal adoption and may be amended or substituted, as required, at subsequent meetings.
Under the regime created by the FSCA the 'Authority' as defined under the Financial Services Act 1989 (FSA89) moved from the Commissioner to the Commission. This paper therefore covers the delegation of these powers on a day to day basis to the Chief Executive. Additionally a number of powers are exercisable under other Acts, such as the Banking and Market Abuse Act It is likely that, as these are amended, the opportunity will be taken to bring them into line with the new approach. As this occurs this policy will need to take account of the changes.