Gibraltar Financial Services Commission (GFSC)

Permissions

Category 1 – Firms are permitted to deal as principal, agent and arrange deals for investors, give investment advice and hold/control customer money and assets.

Category 2 – Firms are permitted to deal as agent and arrange deals for investors, give investment advice and hold/control customer money and assets.

Category 3 – Firms are only permitted to arrange deals for investors and give investment advice.

Investment services and activities –

• Reception and transmission of orders in relation to one or more financial instruments
• Execution of orders on behalf of clients
• Dealing on own account
• Portfolio management
• Investment advice
• Underwriting of financial instruments or placing of financial instruments on a firm commitment basis
• Placing of financial instruments without a firm commitment basis
• Operation of Multilateral Trading Facilities.

Ancillary services –

• Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management
• Granting credits or loans to an investor to allow him to carry out a transaction in one more financial instruments, where the firm granting the credit or loan is involved in the transaction
• Advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings
• Foreign exchange services where these are connected to provision of investment services
• Investment advice
• Investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments
• Services related to underwriting.

Capital Requirement

Category 1 – EUR 730,000

Category 2 – EUR 125,000

Category 3 – EUR 50,000

Enigmatig shall seek to understand your business activities and goals to assist with your business plan drafting that best encompasses this whilst still being compliant to the prevailing regulations. Enigmatig shall also advise on the possible questions that might be posed by the regulator.

Due Diligence is necessary to formally verify the identity of all clients of the firm. The following documents are required to conduct due diligence for the license application:

• A copy of the photo page of the passport ceritifed by a notary public for each director and shareholder;
• A copy of proof of address (issued within the last 3 months) by a notary public for each director and shareholder;
• Curriculum Vitae (CV);
• Business Plan;
• Financial Forecast;
• Organisation Chart;
• For company directorship or shareholdership, a certified copy of the constitution documents of the company and above details on each director and shareholder of the company;
• Other supporting document when necessary.

Please note for a company listed on a major stock exchange or subject to regulatory supervision in a country with equivalent AML regulations to Gibraltar, evidence of such listing or regulation will suffice in place of the above information. Where the directors to be appointed are employees of such a listed or regulated company, a certified passport copy and confirmation of employment (to include position) will suffice.

1. Articles of association.
2. Information about shareholders and shares distribution among them.
3. Information about board members, council members and information about company managers.
4. Information about companies, where the presence of board members exceeds 20%.
5. Information about company auditor and information about persons performing an internal control.
6. Initial balance and income and costs review. For the acting company – a balance and profit statement, and annual reports for 3 years, if available.
7. For the acting company – documents confirming a net amount of funds together with the auditor’s report.
8. Confirmation of Foreign Department proving the license availability in the company and a conformation of its activity to the legislation requirements if one of the applicant’s shareholders is a foreign credit institution, investment fund, an investment, insurance or other company which is financially supervised.
9. Business plan for 3 years.
10. Internal instructions of accounting department.
11. Internal control instructions.

The Gibraltar Financial Services Commission (GFSC) supervises a broad range of firms including auditors, banks, company managers, e-money institutions, professional trustees, payment services providers, funds and fund service providers, insurance companies, managers and intermediaries, investment firms, and insolvency practitioners. Firms that wish to do business in or from within Gibraltar must meet the GFSC standards and criteria both at application stage and on an on-going basis. Their supervisory work focuses primarily on the way firms are operated and governed and the identification of risks to consumers and the reputation of the jurisdiction more generally.