The regulations for the Financial Services Act have now been made public on the GFSC Website (https://www.fsc.gi/regulated-firms/lrp/draft-regs) in anticipation of their formal publication and coming into effect in January 2020.
The public and industry will recall that the new Financial Services Act on which there was extensive consultation prior to its unanimous Parliamentary approval updated and consolidated some 90 disparate pieces of legislation into one framework for financial services; providing then for a series of sector specific regulations the bulk of which regulate each type of financial business such as insurance, banking, investment services etc.
The regulations generally transpose the legislation that already existed but in a different format and in a manner that will make the legislation more navigable and accessible.
Thirty seven out of forty one regulations have been made available on the Financial Services Commission website, at the Government’s request, since Monday 2nd December with the remaining four to be uploaded shortly.
HM Government intends to commence the new Act and repeal the current legislation on Wednesday 15th January 2020 and the underlying regulations will also come into force on that date.
The Hon Albert Isola MP said, ‘I am delighted that this massive legislative project is now close to being finalised and will be commenced on the 15th January 2020. I would like to thank both the industry and the regulator for their very close cooperation over the last 3 years on this important work; an excellent example of working in partnership.’