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Gibraltar Financial Services Commission (GFSC) welcomes the appointment of the members of the new Decision Making Committee

15 Jan 20

The GFSC welcomes the announcement of the appointment of the Decision Making Committee (DMC) Members. Minister for Digital and Financial Services, the Hon. Albert Isola MP, made the appointments to the newly established DMC under the Financial Services Act 2019 (the Act) that came into force on 15 January 2020.

The DMC consists of six members, three lawyers and three individuals with significant financial services expertise. The Minister has made the following appointments:  

The Hon. Sir Peter Caruana QC (Chair)  

The Hon. Neil Costa 

Nigel Feetham QC

Joseph Caruana 

Edgar Lavarello  

Emma Perez.

Four of the members of the DMC have previously served on the Board of the GFSC and have extensive experience in financial services regulation.

The DMC is an independent statutory Committee of the GFSC that will make contested and regulatory decisions as provided for in section 24 of the Act.

Minister Isola said: “I am delighted to announce the appointment of such preeminent individuals who have agreed to serve on the newly formed DMC. These individuals have significant experience of practicing law and financial services in the jurisdiction and will no doubt make major contributions as members of the Committee. The DMC is a key component of the new Financial Services Act and I am sure its members will provide high-quality regulatory decision making. The DMC is an important commitment by Gibraltar to international standard regulation separating the roles of investigation and prosecution from the final decision making strengthening the regulatory regime for financial services.”

Chief Executive Kerry Blight added, “The GFSC welcomes the individuals and I congratulate them on their appointment to the independent DMC. The DMC will strengthen our overall decision-making in our regulatory regime and also aligns us with our UK peers.”

 Notes to Editors:

1. The GFSC is a regulator of the Gibraltar financial services market, regulating providers of financial services conducted in both Gibraltar and other jurisdictions. The GFSC's vision is to be a high performing, agile, and innovative regulator.

2. The GFSC's regulatory objectives are the promotion of market confidence; the reduction of systemic risk; the promotion of public awareness; the protection of the good reputation of Gibraltar; the protection of consumers and the reduction of financial crime. 

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Gibraltar Financial Services Commission
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