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Gibraltar: Law of Offshore

Statutory Code of Conduct

The Financial Services (Conduct of Business) Regulations 1991 contain a statutory Code of Conduct for Financial Institutions. Part Two (Statements of Principle) is laid out under a number of headings, including the following:

  • Integrity
  • Skill, care and diligence
  • Best market practice
  • Know your customer
  • Information for customers
  • Conflicts of interest
  • Customer assets
  • Financial resources
  • Internal organisation
  • Relations with the Commission

Part 3 (Core Rules) deals with:

  • Independence
  • Advertising and Marketing
  • Customer Relations
  • Dealing for Customers
  • Market Integrity
  • Administration

Gibraltar has introduced a deposit guarantee scheme to satisfy the requirements of the EC Directive on Deposit Guarantee Schemes (94/19/EC). The Deposit Guarantee Ordinance 1997 was implemented in stages and a Gibraltar Deposit Guarantee Board has been appointed.

The compensation arrangements, are broadly similar to those available to depositors under the United Kingdom's deposit protection arrangements. The scheme covers qualifying deposits in EEA currencies (qualifying deposits are defined in the Ordinance).



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