About the Gibraltar Bankers’ Association
The Gibraltar Bankers’ Association was formed to promote and protect the local banking industry. This is accomplished in a number of ways including the unification of one voice vis-à-vis our stakeholders, providing the necessary forums to resolve common issues, making available adequate training and representing the Association’s members on the Gibraltar Finance Centre Council.
Gibraltar is a British Overseas Territory since the Treaty of Utrecht of 1713 and is locate on the southern tip of the Iberian peninsula. It has a local government which is responsible for all matters except for defence and foreign policy which fall within the remit of the Government of the United Kingdom. The legal and court system follows UK principles which is adapted to meet certain local specificities. Gibraltar became a member of the European Union together with the UK in 1973 and therefore is required to apply European legislation as any Member State. Membership permits firms to passport locally authorised services within the EU single market. However, Gibraltar fall outside of the Customs Union and VAT zone. The local currency is the Sterling Pound although Euros are widely accepted and in circulation.
Gibraltar’s economy and inward investment is largely attributable to four main pillars being financial services (including gaming), tourism and the shipping industry. The economy shows strong growth year-on-year. This has been, inter alia, the ability to maintain itself at the forefront of the regulatory environment and by embedding an environment of strong corporate governance and promoting an ethical culture. Many of today’s finance industry professionals are UK trained and qualified ensuring certain standards and guarantees are met. This, together with the closely bound community are key to the ongoing success.
About the Legal / Regulatory Environment
The regulation of Banking services falls within the scope of the Financial Services (Banking) Act 1992 , and any subsidiary legislation of the Act. Capital requirements for a are set out in the Financial Services (Capital Requirements Directive IV) Regulations ("CRD IV").