List of Domestic Authorities

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.

 

The Bill also provides a uniform mechanism, across all the Supervisory Acts, for the manner in which the Authority may seek or require information from regulated firms and applicants for both its own purposes and to assist other authorities in pursuit of their functions. Safeguards are built into the Bill to protect the confidentiality of the information and the circumstances under which information may be shared.  The offences arising from breaches of confidentiality, making false or misleading statements and unwillingness to co-operate with the Authority are also consolidated under the Bill.

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CAB SERVICE AIMS TO

Ensure that individuals do not suffer through lack of knowledge of their rights and responsibilities or of the services available to them or through an inability to express their needs effectively.