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Commission is a statutory body corporate established by the
Financial Services Commission Ordinance, 1989. It consists of
the Commissioner, as Chairman, and seven other persons, four
of whom shall have relevant experience in the United Kingdom
and three of whom shall have relevant experience in Gibraltar.
The Commissioner is appointed by the Governor, acting with the
approval of the UK's Foreign and Commonwealth Secretary, and
the other members are appointed by the Governor, acting with
the approval of the Foreign and Commonwealth Secretary, after
consulting with the Commissioner.
The functions of the Commission are to keep under
review the operation of Gibraltar legislation and the effectiveness of supervision of
financial services; to monitor the extent to which Gibraltar legislation and supervision
complies with European Union obligations and supervisory standards governing financial
services in the United Kingdom where Community law applies; to protect the public against
financial loss arising out of dishonesty, incompetence or malpractice; to advise the
Government of Gibraltar and the Government of the United Kingdom on matters concerning
financial services; and to draw up codes for regulating the terms of service of persons
employed by the Commission. The Commissioner, who is also the Commissioner of Banking and
the Commissioner of Insurance, is the chief executive officer of the Commission and is
charged with the responsibility of supervising institutions carrying on finance business
in or from within Gibraltar. He is required to ensure that such supervision complies with
any applicable obligation Gibraltar has as a constituent of the European Union and to
establish supervisory standards which match those required by legislation and supervisory
practice governing the provision of financial services within the United Kingdom.
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