fsc.gi Applications For Occupational Pensions Institutions Gibraltar : Financial Services Commission

Organization : Financial Services Commission
Type of Facility : Applications For Occupational Pensions Institutions
Country: Gibraltar

Website : https://www.fsc.gi/

Applications For Occupational Pensions Institutions:

Application Criteria:
Before approving an application, the Authority has to be satisfied that the Trustee(s) or any person associated with the management/administration of the Occupational Pension Institution (“IORP”), and its assets/liabilities, is “fit and proper” to hold that position.

Related : Financial Services Commission Submit Complaint Gibraltar : www.statusin.org/8782.html

The “fit and proper” criteria include both technical competence and integrity. The Authority must be satisfied that the IORP satisfies the criteria as set out in Section 5 of the Financial Services (Occupational Pensions Institutions) Act 2006.

The IORP must be adequately and properly governed and administered, and sufficient controls must be put in place to reduce the risk of error and fraud. It is mandatory that the IORP is set up under a trust and that, in order to protect members and beneficiaries, it should limit its activities to retirement benefit provision.

Application Process:
In order to ensure that applicants meet all the regulatory and legal requirements, the forms required for applying for a licence are not available on the website. Before application forms are provided the Authority will want to see a summary of the full plan described below regarding the setting up of the IORP.

You should prepare a plan setting out how the proposed IORP is to be set up, governed and administered. The plan should, as a minimum, give a brief description of the rules regarding the scheme including the type of scheme to be set up; its current/future membership; the nature of benefits; and details of all professional advisers and trustees.

A description of the sponsoring undertaking including its activities, group structure (if applicable) and financial position. The plan should set out the nature of the administrative work to be located in Gibraltar, and the nature and manner of records that will be maintained.

After the summary has been received and reviewed, the usual next step is a meeting between the Head of Fiduciary and Pensions Supervision Division and the applicant and/or the applicant’s advisers to further discuss the proposal. Once the Authority is satisfied that the proposal is viable, application forms will then be provided to enable the applicant to lodge a formal application.

Further information may be found in the Occupational Pensions Institutions Legislation.

FAQs :
I get an error message when I open the Application Form
The error is due to the security levels set in your computer or network. Please see the two options below on how to address this:
1: Unblocking the file
** Save the Application Form to your ‘Desktop’, or a relevant folder.
** Right-click on the icon and select to view its ‘Properties’ as shown below:
** Click ‘Unblock’ and then select ‘OK’ to confirm your choice:

2: Change the Name of the File :
** Save the Application Form to your Desktop or relevant folder. Open the file and Enable Editing (if applicable).

** Click OK to the error shown below
** Click Save As and rename the file – it is sufficient to change just one character (e.g. adding the number 2 as shown below):

Is Forex/FX activity regulated?
It depends on the conditions.
** Trading of Forex Futures is captured and licensable under the Financial Services (Markets in Financial Instruments) Act, that transposes the Markets in Financial Instruments Directive (“MiFID”) into local legislation. However, trading spot FX falls outside the scope of MiFID and is not a regulated activity, hence, not licensable by the GFSC.

** However, a firm will have to consider whether any of the activities and/or services it conducts, may be captured under the Financial Services (Investment and Fiduciary Services) Act or the Financial Services (EEA)(Payment Services) Regulations.

** Please note that it is ultimately up to the firm to ensure it applies for the correct authorisation and we would, therefore, suggest that you seek independent advice from a local professional body such as a law or accountancy firm.

Contact Us:
Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
Gibraltar

Tel : +350 200 40283
Fax : +350 200 40282
E-Mail : info AT fsc.gi