EXPLANATORY MEMORANDUM

This Bill creates a unified legislative framework dealing with information obtained and held by the Authority appointed under the Financial Services Commission Act and the Supervisory Acts. This framework sets out the duty of confidentiality that the Authority owes and how the information may be shared for relevant purposes.

Authorities named under each of the Supervisory Acts

The Gibraltar Investor Compensation Board;
The Gibraltar Deposit Guarantee Board;
The Gibraltar Regulatory Authority;
The Gambling Commissioner;

Liquidators or administrators of firms formerly authorised by the Financial Services Commission

The Gibraltar Co-ordinating Centre for Criminal Intelligence & Drugs;
Gibraltar Financial Intelligence Unit;
Royal Gibraltar Police;
HM Customs;

Attorney General’s Chambers

Minister with responsibility for financial services;
Minister with responsibility for finance.