  |
Experienced investor funds; cause for optimism
|
Approximately 90 experienced investor funds have been established in Gibraltar since the Financial Services (Experienced Investor Funds) Regulations
2005 came into effect in August 2005, with almost half of these having been structured as protected cell companies, financial services minister Gilbert Licudi.
Following a series of proposals submitted to the Government by the Gibraltar Funds & Investments Association (GFIA) designed to make this sector more efficient, the Government introduced new Financial Services (Experienced Investor Fund)
Regulations in 2012. Improvements to the original 2005 Regulations included the opportunity for large funds to use reputable and substantial administrators based in jurisdictions of equivalent standing to Gibraltar. The new Regulations also allow funds to redomicile to Gibraltar yet continue to use their existing reputable administrator, representing a significant advantage for funds moving to the EU with, inter alia, the advent of the Alternative Investment Funds Managers Directive, due to be implemented by July 2013.
He adds: The new Regulations enable Experienced Investor Funds to choose to file for registration ten days before a scheme is established, with automatic registration at the end of that period if no objection is received from the regulator. This provides greater choice, certainty and flexibility for prospective new funds. The new Regulations also provide further disclosures which are required in the offering of documentation to help investors to make an informed decision prior to investing.
Last month,he added, I addressed a conference on funds in Monaco organised by GAIM
(Global Alternative Investment Management). This is an important conference for the global funds industry with all major players represented. It proved to be the ideal opportunity to explain the opening up of the Gibraltar market as a result of changes introduced by the 2012 Regulations. This will encourage the use of Gibraltar by funds wishing to relocate to an EU territory to take advantage of the new EU Directive. We have received excellent feedback from delegates which gives us great cause for optimism for the expansion of the Gibraltar funds industry.
As with the QROPS legislation, the introduction of the new EIF Regulations shows a Government which is predisposed to listen to and act on proposals from the industry which make sense and which are beneficial to Gibraltar.
16-07-12
|
|
|
|
