X hits on this document

PDF document

Repealed by LN. 2013/198 as from 1.1.2014 - page 11 / 94

263 views

0 shares

0 downloads

0 comments

11 / 94

Financial Services (Investment and Fiduciary Services)

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT

(c)

FIRMS) REGULATIONS 2007 the management of individual portfolios of investments in financial instruments;

shall have an initial capital of EUR 125,000 or its equivalent in sterling.

(2) The Authority may reduce the amount of initial capital required under sub-regulation (1) to EUR 50,000 or its equivalent in sterling for a Gibraltar investment firm which is not authorised to hold clients’ money or securities, to deal for its own account or underwrite issues on a firm commitment basis.

such instruments for its own account if it meets the following conditions

(a)

such positions arise only as a result of the firm’s failure to match investors’ orders precisely;

(b)

the total market value of all such positions is subject to a ceiling of 15% of the firm’s initial capital;

financial

instruments

may

apply

to

the

Authority

to

be

authorised

to

hold

(3)

A Gibraltar investment firm which executes investors’ orders for

  • (c)

    the requirements laid down in regulations 14,16 and 24; and

  • (d)

    such positions are incidental and provisional in nature and strictly limited to the time required to carry out the transaction in question.

(4) For the purposes of this regulation, the holding of non-trading-book positions in financial instruments in order to invest own funds shall not be considered as dealing in relation to the services referred to in sub-regulation

  • (1)

    or for the purposes of sub-regulation (2).

  • (5)

    A Gibraltar investment firm which is a local firm, in so far as it benefits

from the freedom of establishment or to provide services specified in articles 31 or 32 of Directive 2004/39/EC shall have an initial capital of EUR 50,000 or its equivalent in sterling.

investment

firm

which is only

or receive

and

transmit orders

investment

advice

(6)

A Gibraltar

holding their money time place itself in requirements

or securities and which for that debt with clients, shall meet

authorised to provide from clients without reason may not at any one of the following

(a)

possess an initial capital of EUR 50,000 or its equivalent in sterling;

© Government of Gibraltar (www.gibraltarlaws.gov.gi)

1989-47

Repealed Subsidiary 2007/002

Document info
Document views263
Page views263
Page last viewedSat Dec 10 17:26:50 UTC 2016
Pages94
Paragraphs2606
Words31302

Comments