legislation relating to financial services.
Separate laws provide for the licensing and supervision of various types of financial service and these include the Banking Ordinance 1992 (BO) which empowers the Commissioner to license and supervise banks. The Government of Gibraltar can also make regulations and these include regulations implementing EUbankaccountingdirectives and setting the fees charged by the Commission. Other EU legislation is given effect by Administrative Notices (AN) issued under BO Section 16. Alternatively the Government may decide to
Gibraltar’s Detailed Assessment Report of the Observance of the Basel Core Principles is examined. The principal risks are reputational risk, both for the Gibraltar authorities and for the banks, as the bulk of the assets managed are off the balance sheet with the investment risk carried by the client. Credit risk is largely limited to residential mortgage lending and is heightened by the rapid rise in prices both in Southern Spain and in Gibraltar itself.