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Repealed by LN. 2013/198 as from 1.1.2014 - page 7 / 94

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Financial Services (Investment and Fiduciary Services)

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT FIRMS) REGULATIONS 2007

“investment firm” means–

  • (a)

    any legal person, whether or not a licensee, whose regular occupation or business is the provision of one or more investment services to third parties or the performance of one or more investment activities on a professional basis; or

  • (b)

    any natural person, whether or not a licensee, whose services involve the holding of third parties’ funds or transferable securities and, without prejudice to the requirements of these Regulations and Directive 93/6/EEC, he complies with the following conditions

  • (i)

    especially in the event of the insolvency of the firm or of its proprietors, seizure, set off or any other action by creditors of the firm or of its proprietors;

  • (ii)

    the firm must be subject to rules designed to monitor the firm’s solvency and that of its proprietors; and

  • (iii)

    the firm’s annual accounts must be audited by qualified auditors; and

  • (iv)

    where the firm has only one the ownership rights of third parties in instruments and funds shall be safeguarded, proprietor, he must make provision for the protection of investors in the event of the firm’s cessation of business following his death, his incapacity or any other such event;

but “investment firm” shall not include–

  • (c)

    a credit institution;

  • (d)

    a local firm;

  • (e)

    a firm which is only authorised to provide the service of

investment advice or receive and transmit orders from investors without holding money or securities belonging to their clients and which for that reason may not at any time place itself in debit with its clients;

and for the purposes of applying supervision on a consolidated basis, includes a non-European investment firm;

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

1989-47

Repealed Subsidiary 2007/002

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