Legislative Reform Programme (“LRP”)
This page provides information on how you and your firm may be affected by the Legislative Reform Programme (LRP) that came into force on 15 January 2020.
The Financial Services Act 2019 can be accessed here.
The GFSC will update this webpage on a regular basis. Please subscribe to the GFSC RSS feeds for the latest LRP information.
For any enquiries, please email LRP@fsc.gi
What is the LRP?
The Act and the LRP Regulations came into effect on 15 January 2020.
The LRP consolidates and rationalises over 90 financial services legislative instruments into one Act and additional supporting, sector specific regulations.
There are 41 sets of Regulations. The LRP Regulations do not change the substance of the legislation they derive from and they remain similar.
The LRP has concurrently implemented all EU legislation transpositions and local legislative initiatives during the lifetime of the programme.
The LRP, through the new Financial Services Act, provides a clear, more navigable and accessible legislative framework for financial services that will facilitate innovation.
The GFSC held LRP industry sessions on the new Financial Services Bill during June 2019. These were delivered to the different industry sectors and provided an overview of the LRP and the main areas of change introduced by the Bill.
Slides are available here.
Key features of the LRP
The LRP will bring:
• A harmonised approach to authorisation and obtaining permission to carry on regulated activities
• A Regulated Individuals’ Regime
• A new Decision Making Committee
• Procedural clarity and consistency across the board
• Harmonised cross-sectoral powers and related processes
What are the key changes?
Information on the key changes can be found on the pages located at the top of this page.