Banking

General Overview

The Capital Requirements Directive 2013/36/EU (CRD) was implemented in Gibraltar via the Financial Services (Capital Requirements Directive IV) Regulations 2013. The Banking Recast Directive (BRD) was implemented in Gibraltar via the Financial Services (Banking) Act (the Act) and the Banking Regulations (the Regulations).

Any credit institution authorised under the Act wishing to passport into another EEA state should notify the GFSC using the forms available in this section.

Credit institutions that also hold an authorisation to conduct investment activities, issuance of electronic money and payment services, are not required to submit a separate notification. These activities can be included within the firm’s banking notification.

Forms

Fees

Application fee(s) must be submitted with the notification form(s). Notifications will be considered incomplete if the fee has not been paid and will not be processed until the fee is received.

The annual fee is not payable until your notification is approved.

  Freedom to provide Services Freedom of Establishment / Branch*
Application Fee £100* £5,000**
Annual Fee £100 per jurisdiction, subject to a maximum of £500 £10,000 per jurisdiction, subject to a maximum of £50,000

*The fees are per country and per notification.
**The fees are per branch.

Details of the payment methods can be requested from the Accounts Team.

Please note that host states may also levy their own fees. These will be requested directly from you by the host state regulator when they receive the notification.

Service Level Standards

The timescales for processing a notification are prescribed by the directive. We recommend that you take note of these to ensure that you plan for your business needs in advance.

These are:

  Freedom to provide Services Freedom of Establishment / Branch
Since Date of receipt by the GFSC 1 Month 3 Months

When can I start providing services?

Freedom of Establishment/Branch – the host state regulator has three months, from the date we forward the notification, to process the notification. You may start providing services either 1) when the three months has lapsed and no communication has been received from the host state regulator or 2) before the three months has lapsed if the host state regulator has acknowledged receipt of the notification.