INTRODUCTION
The development of Gibraltar as an international finance centre has meant that the colony has had the opportunity to develop the range and quality of services required for the formation of offshore funds. The full range of investment management services is available through independent management companies which have specialist investment management operations, although considerable sub-contracting of the administrative function often takes place.
Unlike the offshore islands of the United Kingdom, Gibraltar is a member of the European Union. Other than the Common Agriculture Policy, VAT and Customs directives, all other EU directives apply to Gibraltar.
The enactment of the Directive on Undertakings for Collective Investment in Transferable Securities ("UCITS") into local legislation will permit Collective Investment Schemes ("CIS"), licensed in Gibraltar to be marketed directly into the EU without the need to establish a presence in each Member State where the
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