The Gibraltar Funds and Investment Association (GFIA) highlights recent regulatory changes under the Financial Services Act regarding independent non-executive directors (iNEDs) in regulated firms. Large investment firms must now appoint at least two iNEDs, who must also be approved as regulated individuals (RIs), with key board roles such as Chair and committee heads filled by iNEDs.

For other regulated firms, at least one iNED is required, though they do not need RI approval. Firms must comply with these requirements by 1 August 2025. These updates reinforce Gibraltar’s commitment to strong corporate governance and regulatory standards.