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Repealed by LN. 2013/198 as from 1.1.2014 - page 5 / 94

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Financial Services (Investment and Fiduciary Services)

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT

FIRMS) REGULATIONS 2007 In exercise of the powers conferred on him by section 53 of the Financial Services Act 1989 and all other enabling powers, the Minister has made the following regulations to transpose into the law of Gibraltar Council Directive 2006/49/EC, of the European Parliament and of the Council, of 14 June 2006 which recasts the Capital Adequacy Directive 93/6/EEC in order to establish a new way of calculating capital requirements for investment firms.

PART I Preliminary

Title and commencement.

1.(1) These Regulations may be cited as the Financial Services (Capital Adequacy of Investment Firms) Regulations 2007 and, subject to sub- regulation (2), shall be deemed to have come into operation on 1 January 2007.

(2) Regulations 14 and 16 shall come into operation on 1 January 2008.

Interpretation.

2.(1) In this Act, unless the context otherwise requires

“ancillary services undertaking” means an undertaking whose principal activity consists in owning or managing property, managing data processing services or any other activity of one or more investment firms;

“capital” means own funds;

“clearing member” means a member of the exchange or the clearing house which has a direct contractual relationship with the central counter party (market guarantor);

“credit institution” means

  • (a)

    an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account;

  • (b)

    any other undertaking which issues means of payment in the form of electronic money;

“EBA” means the European Banking Authority established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory

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

1989-47

Repealed Subsidiary 2007/002

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