The Legal 500

The new Financial Services (Experienced Investor Funds) Regulations 2012 (the ‘Regulations’) took effect in Gibraltar on the 12th April, and represent a significant step forward for Gibraltar as a European Fund Domicile.

After nearly seven years, Gibraltar’s Experienced Investor Fund regime is being updated and modernised in a continuation of the partnership between the industry, the Financial Services Commission (the FSC or Regulator) and the Government of Gibraltar.

Anthony Jimenez, fund lawyer at Hassans Law Firm, reports on behalf of GFIA to review the recently enacted Financial Services (Collective Investment Schemes) Act 2011 (CIS Act 2011) and its key provisions with regards to the UCITS IV regime.

Article by Gemma Arias, Associate

Pursuant to the Gibraltar Companies Act, there are numerous mechanisms through which the shareholders of a private company can extract cash from the company’s balance sheet other than by way of dividend without having to resort to the Gibraltar courts. 

Article by Scott Simmons, Associate

The recent UK case of MJP Media Services Ltd v HMRC has highlighted the importance of ensuring that payments claiming to be loans must be made directly to the debtor for them to use as necessary and that, if challenged, taxpayers must retain and be able to produce sufficient evidence to support its case.

The role of the independent, non-executive fund director has come under the microscope in recent weeks.

In a rapid response to the financial markets crisis, the Italian government has, several days before it was originally expected, produced an additional anti-crisis package to accelerate the balancing of the country's budget.

It seems no nation is safe in Europe from the scrutiny of the increasingly skittish bond market, as even France, with its credentials as Europe's second largest economy and with comparatively modest debt, has been forced to address its fiscal shortcomings.

The Chinese Ministry of Finance has confirmed that a tender of RMB15bn (USD2.34bn) in sovereign bonds will be held on August 17 through Hong Kong's Central Moneymarkets Unit.

Ireland has been hit with its worst ever debt rating, joining the beleaguered Portuguese and Greek economies in its classification as "junk".

Characteristics of a swap
There is a mystique which surrounds swap contracts due to lack of knowledge or available information. By explaining the basics of swaps, including how they work and what their purpose is, I hope this will help to clarify them.

Following Legislative Council approval on July 8, Hong Kong's Secretary for Financial Services and the Treasury, Prof KC Chan, has outlined the series of measures the government will undertake in the coming weeks to launch its cash handout scheme.

In spite of a fall in GDP last year, the Cayman Islands economy is expected to return to growth this year, according to Premier and Finance Minister McKeeva Bush.

Summary of the Chief Minister’s Budget Address 4th July 2011.

Anthony Jimenez, Funds Lawyer at Hassans, reviews the key factors which have been influencing investment and trading decisions over the first quarter of 2011, and subsequently the direction of global financial markets

By Aaron Payas, Associate

Gibraltar, as part of the European Union has seen its reputation grow exponentially as its stable government and political status continues to support its reputation as a robust European finance centre. 

Funds find a new home in Gibraltar

The Government has today published the text of the new, amended and consolidated Income Tax Act, under cover of a pre-legislative briefing paper that explains the main changes being introduced.

Despite numerous proposed changes, Gibraltar is well placed to capitalise on to the proposed European Directive controlling Fund Managers, argues Joey Garcia

An introduction to the banking industry in Gibraltar

Everyone in the fund industry is more than aware of the European Commission’s draft directive on Alternative Investment Fund Managers (AIFM). The Directive, generally speaking, will not only affect the European hedge fund industry but also private equity and other sectors including real estate investment products. Needless to say, this is a matter which will no doubt need to be given significant consideration by Gibraltar-based funds and managers in the future.

Much has been published on the newly proposed Alternative Investment Fund Directive (‘AIFM’) which if materialises in its proposed form would affect all fund managers in Europe who manage or market a fund which is not regulated in Europe as suitable for retail sales (effectively, any non-UCITS fund).