Appeals from the Supreme Court are heard by the Court of Appeal which is usually made up of three Lord Justices of Appeal (most of whom are currently drawn from the English Court of Appeal). Appeal from the Court of Appeal lies to the Privy Council.
The legal profession in Gibraltar is a fused profession, meaning that both barristers and solicitors carry out similar work, with either profession being able to deal with a matter from its inception through to a court hearing. Barristers and Solicitors have organised the conduct of their professional services through legal partnerships.
Barristers and solicitors number about 120 and are in the main trained in England. The Admissions and Disciplinary Committee, appointed by the Chief Justice pursuant to the Supreme Court Ordinance, is responsible for the discipline of barristers and solicitors.
Legal work in Gibraltar is diverse and, apart from the normal general practice associated with a city and financial centre, there is a strong Admiralty Jurisdiction and a large corporate sector. Most members provide corporate services for clients.
Regulatory Environment
The Financial Services Commission is the independent statutory body responsible for the regulation of financial services in Gibraltar. The Commission was established through the Financial Services Commission Ordinance in 1989 and comprises a Board of eight, including a Commissioner who is also the Chief Executive Officer and Chairman of the Board.
As Gibraltar is part of the European Union, the Commission licenses and supervises financial institutions in accordance with EU directives. In order to meet these requirements, Gibraltar has in many areas enacted legislation and implemented standards of supervision which match those required by legislation and supervisory practice in the UK.
Gibraltar insurers have direct access to EU insurance markets by which they can, with the consent of the Gibraltar Commissioner of Insurance, operate in the UK and other member states of the EEA on the basis of their Gibraltar licence.
Institutions conducting banking business in or from Gibraltar require a licence under the Banking Ordinance 1992. As is the case with insurers Gibraltar registered banks have the right to directly access the banking markets of other EU member states.
The Financial Services Ordinance 1998 implements the EU Investment Services Directive and some related directives. This legislation includes several amendments to the Financial Services Ordinance 1989 which remains in force for other investment firms.
The Commission is also responsible for the licensing and supervision of entities providing trust or company management services in accordance with the provisions of the Financial Services Ordinance 1989.
Persons wishing to conduct a licensable activity in or from within Gibraltar need to contact the Commission at an early stage to obtain necessary guidance.
Gibraltar has one of the best regulated financial centres in the world. It is now regarded as a benchmark jurisdiction in respect to many aspects of its supervisory infrastructure.
