X hits on this document

PDF document

Repealed by LN. 2013/198 as from 1.1.2014 - page 12 / 94

210 views

0 shares

0 downloads

0 comments

12 / 94

1989-47

Repealed Subsidiary 2007/002

Financial Services (Investment and Fiduciary Services)

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT

(b)

FIRMS) REGULATIONS 2007 hold professional indemnity insurance with EEA-wide cover or some other comparable guarantee against liability arising from professional negligence, representing at least EUR 1,000,000 applying to each claim and in aggregate EUR 1,500,000 per year for all claims; or

    • (c)

      a combination of initial capital and professional indemnity insurance in a form resulting in a level of coverage equivalent to that referred to in paragraph (a) or (b).

  • (7)

    A Gibraltar investment firm which is only authorised to provide

investment advice or receive and transmit orders from clients without holding their money or securities and which for that reason may not at any time place itself in debt with clients and which is also registered under Directive 2002/92/EC shall comply with article 4(3) of that Directive and shall meet one of the following requirements

(a)

possess an initial capital of EUR 25,000 or its equivalent in sterling;

  • (b)

    hold professional indemnity insurance with EEA-wide cover or some other comparable guarantee against liability arising from professional negligence acceptable to the Authority, representing at least EUR 500,000 applying to each claim and in aggregate EUR 750,000 per year for all claims; or

  • (c)

    a combination of initial capital and professional indemnity insurance in a form resulting in a level of coverage equivalent to that referred to in paragraph (a) or (b).

(8) A Gibraltar investment firm other than one to which sub-regulations (1) to (7) applies shall have an initial capital of EUR 730,000 or its equivalent in sterling.

Own funds of Gibraltar investment firm.

6.(1) The own funds of a Gibraltar investment firm and of an investment firm to which regulation 5(5) applies shall not fall below the level specified in regulation 5(1), (2), (5) or (8).

(2) An investment firm to which sub-regulation (1) applies and which fails to comply with the provisions of that sub-regulation may apply to the Authority to be allowed a specified period of time to so comply and a failure to comply within that period of time may result in the cancellation or suspension of the firm’s licence.

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

Document info
Document views210
Page views210
Page last viewedMon Dec 05 03:21:30 UTC 2016
Pages94
Paragraphs2606
Words31302

Comments