Decision Making Committee
The Decision Making Committee (“DMC”) is established by Section 24 of the Financial Services Act 2019 (“the Act”) as a statutory committee of the GFSC.
The DMC has been established in order to enhance the delivery of fair and proportionate regulation of financial services by the making of key decisions by experienced people who are completely independent of the management and staff of the GFSC who are responsible for supervision and investigation of regulatory breaches and threats to the GFSC’s statutory objectives. The DMC is therefore separate from the GFSC’s executive management structure and staff.
The functions of the DMC are to exercise, on behalf of the GFSC, the GFSC’s powers in respect of specified regulatory decisions, which (except in very limited circumstances set out in the Act) may only be taken by the GFSC acting by the DMC.
The Act provides for there to be up to six members of the DMC and for them to be appointed by the Minister with responsibility for financial services after consulting the GFSC. One of the members is to be appointed Chairman. Three members must be lawyers of at least 10 years standing as Gibraltar lawyers. Three must have significant experience in one or more of the financial services sectors regulated by the GFSC. The length of the term for which a member is appointed and the other terms of his or her appointment is as may be decided by the Minister.
The Minister with responsibility for financial Services has appointed the following persons to be members of the DMC:
- The Hon. Sir Peter Caruana KCMG, KC (Chairman)
- Mr. Joseph Caruana
- Ms. Valerie Holliday
- The Hon. Albert Isola CBE
- Mrs Emma Perez
- Mr Edgar Lavarello
The Decision Making Committee ("DMC") document sets out the GFSC's DMC's functions and procedures.
Download the DMC's reference document here.