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www.gibraltarinternational.com Gibraltar International 3 Nov/Dec/Jan 2019/20 Contents Volume 25 Number 4 News P6 A round up of business news from the Rock

Business P8 Think Business,

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News Boris Johnson’s “Rock like” support

British Prime Minister, Boris Johnson assured guests at the Conservative Party Conference in September, that the UK supports Gibraltar and would protect the overseas territory in any withdrawal agreement reached with the EU. Mr Johnson told the audience: “It is the Rock of the British Government which will never, never, never allow the Sovereignty of Gibraltar to be diluted, or adulterated, or in any way changed”. “Gibraltar is absolutely vital for the Andalusian economy and indeed for the whole Spanish economy, and we think that our Spanish friends and partners understand that”, he declared. “Whatever happens, we will ensure that the parts of the withdrawal agreement that relate to the future of Gibraltar will be preserved, and the sovereignty and integrity of Gibraltar will be guaranteed by this government.” he said.

New CEO at the GFSC Gibraltar Day Kerry Blight took up his role as the new chairman of the Finance Centre Council Chief Executive Officer, at the Gibraltar and a highly regarded professional in the London 2019 Financial Services financial services community. Commission (GFSC) in His appointment was As part of the Gibraltar October. welcomed by the Gibraltar governments Think Gibraltar Mr Blight previously Chamber of Commerce, who campaign (thinkgibraltar.gi), from served as the Regional are optimistic that with his the 5th to the 7th November, five Director of Royal Bank of knowledge of the local and financial services events will be Scotland International / international financial services held in London. NatWest and subsequently industry, and a reputation for the CEO at Credit Suisse. being fair and reasonable, that Tuesday 5th November, He is also the former he will thrive in the position. Financial Services Lunch, will be held, as is customary in the Old Library, The Guildhall. Wednesday 6th November, Continued market access for Funds & Asset Managers Breakfast, the seminar will be Gibraltar in Queen’s Speech held in the Nash Room, Institute of Directors. The inclusion of a new UK Financial Services Bill (the Bill), as one of 26 legislation listed Wednesday 6th November, in Her Majesty The Queen’s Speech in October was welcomed by the Gibraltar Private Clients and Family government and local financial businesses. Offices Seminar, will be held in The explanatory notes accompanying the speech provide that the Bill will ensure that the United Kingdom (UK) maintains its the Nash Room, Institute of world-leading regulatory standards and remains Directors. open to international markets after we leave the Thursday 7th November, European Union. It further provides that one of Insurance Breakfast, the the main elements of the Bill is to deliver on the seminar will be held at The British government’s commitment for long-term Gherkin, Level 40. market access to the UK for financial services Thursday 7th November, firms in Gibraltar, as part of the UK family. Distributed Ledger Technology The Bill guarantees continued market (DLT) Reception, the event which access on a bilaterally agreed basis between includes an expert panel Gibraltar and the UK in a way that will not session, will be held at Level 39, restrict Gibraltar’s regulatory autonomy in The Sandbox Room, One Canada financial services. Square, Canary Wharf.

6 Gibraltar International www.gibraltarinternational.com

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30307A Business Think Business, Think Gibraltar In mid September, HM Government of Gibraltar launched the start of its new business development campaign in London, ThinkGibraltar

Government of Gibraltar will be hosting in early November five financial services events in London, as part of the annual Gibraltar Day events. The events will be supported by both the private and public sector to help further drive awareness and inform the rest of the world that Gibraltar is a world class jurisdiction, parliament. This includes all measures on he two month campaign is the latest with world class talent, that is open for financial supervision and regulation, direct promotion from the government to business. taxation and anti-money laundering. The increase more awareness and Gibraltar is a fully self-governing and fully corporation tax rate is 10%, with a maximum further attract new businesses to self-financing British Overseas TGibraltar, by highlighting the Territory, to which the Treaties opportunities to passport into the UK, post establishing the European Union Brexit, and to reaffirm the close ties Gibraltar (EU) apply, with only certain has with the United Kingdom. exceptions. It is within the EU The ThinkBusiness ThinkGibraltar logo is single market for the purposes of being advertised on the side of some 300 the free movement of persons, London taxis, 100 buses and 40 key the freedom to provide services commuter stations in the City and West End, and the free movement of capital. including London Bridge, Liverpool Street, It is not within the Common St Pancras and Waterloo. Customs Union and does not The campaign was created to increase have to apply a VAT regime. Its greater awareness of Gibraltar in London, and status applies until the United Kingdom (UK) effective rate on personal tax of 25%. to direct businesses to the ThinkGibraltar formally exits the EU. It will continue to have The taxation regime is subject to EU scrutiny. website. The website focuses on five key access to the UK in all financial services areas The Gibraltar legal system is based on sectors, Insurance, Distributed Ledger that are covered by Cross Border Directives. the common and statute law of England. Technology (DLT), Gaming, Funds, and Private EU Regulations apply directly and EU English is the official language, although Clients. These are the sectors where the Directives are transposed by Gibraltar’s Spanish is also widely spoken. jurisdiction excels and has created world leading business environments and www.thinkgibraltar.gi frameworks. A ThinkGibraltar digital marketing campaign on social media was launched simultaneously, on Instagram, Facebook, and Linkedin. As part of the campaign, HM

8 Gibraltar International www.gibraltarinternational.com Finding new paths

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of Lloyd’s motor syndicates to consider they were not competitive with non-Lloyd’s UK motor UK motor business insurers. Faced with an 18 to 24 months licensing process, some turned to Gibraltar which at the still driving ahea d time offered new insurance companies authorisation in around 6 months, subject to meeting all EU requirements. Only one decamped Markerstudy was the first motor insurer to be incorporated in Gibraltar in January 2001 and was quickly followed by a number of others as local lawyers, operating under the Gibraltar Order 2001, were able to confirm Gibraltar’s EU passporting rights for financial services and began to suggest businesses consider establishing in Gibraltar rather than the UK. Today there are around 45 insurance companies, comprising non-life entities, two life companies, some captive insurers and, of course the most being motor based. Largest amongst them at present are Admiral, Advantage (part of Hastings Group), Qatar Reinsurance - 2, Zenith and Markerstudy. With Brexit uncertainty, most companies that also had European business made alternative arrangements, with only Slovakian- owned insurer, Premium managed by Artex Risk Solutions – one of five Gibraltar insurance managers. - relocating in May to Artex in Malta. Insurers in Gibraltar were last year responsible for Gibraltar’s Robus Insurance, an an estimated record £5.19bn in premiums, almost all independent insurance management, fiduciary and financial advisory group, which is also in being from UK customers and the annual total is Guernsey, opened a Malta office in November expected to rise significantly with the prospect of 2018, and Sovereign Insurance Services, new markets post-Brexit, including from the Far established in Gibraltar in 2012 by Sovereign Trust as a corporate and international insurance East, writes Ray Spencer broker, opened a Malta office in May. As Cawdery observed: “The Single Market n anticipation of the UK – and by association year, according to market analysis by arrangements are uncertain for portfolio also Gibraltar – no longer forming part of the accountancy firm, Deloitte presented at the transfers, establishing new businesses, or re- European Union (EU) single market, insurers Sunborn Hotel at end-September. domiciliation. While Gibraltar and British have been moving businesses into and out “The Gibraltar share of the UK market is still businesses must do something by Brexit day in Iof Gibraltar; others have set up new robust, despite Brexit uncertainty”, declared the event of a hard Brexit, those in the EU insurance enterprises in the jurisdiction and Daniel Delgado, a Deloitte (Gibraltar) partner. writing business into the UK can sit and wait and there is also movement out of the UK to The The research is based on insurers with mostly see how things go for up to three years following Rock. motors business, so the total premium income as a result of the UK’s Temporary Permissions Chairman of Gibraltar Insurance will be greater. The firm believes Gibraltar’s Regime, which is not reciprocal. Association (GIA), Shaun Cawdery remarked: share will hold up even as there are signs that “Gibraltar companies already insure at least 1-in- UK car insurance costs are falling in a highly EU portfolio transfers 5 UK cars and I believe there is a great competitive market. “This also means that insurers moving into opportunity for us to increase writing business The predominance of UK motor insurance Gibraltar [from Europe] to service the UK market there, especially in other lines. business has marked Gibraltar out as different, have been slower than might have been Rock-based businesses increased their and paradoxically owes its existence primarily expected,” the GIA chairman noted. share slightly above 20% of the UK motor through dissatisfaction at rising costs after Admiral Insurance, Gibraltar’s largest market in 2018 and saw total premium income changes in the 1990s with Lloyds of London, the insurer with 10% of its business in home from the circa 6m cars they insure rise by world-leading insurance underwriting centre, of insurance and the balance in motor business, around 7% to reach £4.56bn over the previous doing business in circa 2000 causing a number arranged a portfolio transfer of its European

Continued p12

10 Gibraltar International www.gibraltarinternational.com

Insurance

Continued from p10 book into Spain in January, at a reported cost of Red Sands has now decided to legacy processes, staff overheads and £4-5m, including transfer of several hundred concentrate on its general insurance offering technological ‘debt’ that prevents moving quickly thousand policyholders also from the UK. into the UK and not to proceed with Malta. The to take advantage of the market conditions.” Whilst some of Gibraltar’s EU insurance company is looking either to agree a portfolio Storey emphasised that Gibraltar had been business have sought to move to Malta, others, transfer of about £25m European annual chosen for its “straightforward regulatory such as Red Sands (RS) with operations in five premiums from 140,000 policyholders in the Red approach, leadership in the UK motor market, European countries and one of the fastest Sands Life Insurance Company that accounts supply of professionals and professional service growing whole-life insurers in Eastern Europe, for some 10% of RS Group business, or to go companies, and strong, UK-like legal system”. have faced difficulties in doing so. into run off. Also new to Gibraltar is Extracover, part of RS found Malta’s position in respect of Some Malta-based insurance businesses the UK’s Zego, specialising in paperless cover for licensing altered after starting its application in have re-domiciled into Gibraltar: Caversham private hire, scooters and vans, but targeting in May 2018, including a change in risk appetite for gave up its Malta license in April, and Bray particular, part time drivers and riders, and Gibraltar-based insurance portfolios and Insurance did similarly in June. Earlier, St Julien, Masbro Insurance is a new licensed broker this required three rather than five key locally-based in which Markerstudy and Zenith had an interest, year. personnel supported by a number of established re-domiciled its insurance business from Malta Vigilis Services, a general insurance local outsourcing arrangements. into Gibraltar in mid-2017 and then was put into intermediary was set up in Gibraltar in 2016 run-off as there was a local company already initially involved in transacting commercial, ultra Moving back writing UK business. High Net Worth household and art/specie Cawdery, who is also RS managing director, Global advisory, broking and solutions classes of insurance, which Minister of explained: “After discussions with the Malta company, Willis Towers Watson’s Gibraltar arm Commerce, Albert Isola, described as “a strong regulator, it seems they still have a number of has also reportedly re-domiciled a couple of vote of confidence in the jurisdiction ahead of issues with Gibraltar transfers, possibly as a captive insurers, including for the UK’s Bifa Brexit”. result of pressure in the background from the Waste Management company. Unexpectedly, Brexit provides an insurance European Insurance and Occupational Pensions Cole revealed: “We are in preparations for a boost. Gibraltar’s insurance community is Authority, which oversees EU regulators, and new motor insurance company from the UK to getting excited over a little-noticed UK Statutory has expressed views on the substance of UK be set up, along with enquiries from other Instrument, passed by the Houses of Parliament and Gibraltar transfers into the EU post-Brexit to established businesses that value in March that post-Brexit ensures Gibraltar can ensure that they are not simply letterbox approachability of the regulator in a proven participate in Part VII transfers under the UK’s arrangements.” market for the motor industry. We are assisting Financial Services and Markets Act (FSMA) 2000 It was a reputational risk issue around past a reasonable size insurer to re-domicile from – lucrative and large-scale insurance and failed Gibraltar and UK insurers, he declared and Malta.” pension run-off business that hitherto had been “although perhaps understandable in the past – Artex has grown in Gibraltar this year and effectively out of bounds for the jurisdiction, in say 15-20 years ago when there may have been in a mature motor insurance market, Cole part because of English High Court legal less substance to some businesses in Gibraltar- believes “that it is not going to grow significantly uncertainties, with EU implications and high costs . that perception is outdated and unjustified”, in the coming years, but given it is an established Cawdery emphasised. market, there still will be the odd one or two Run-off certainty Ironically, Red Sands took on 8,365 newcomers, because it remains a stable “There was a transfer from Gibraltar to the UK in customers of now4cover, a UK home insurance jurisdiction with passporting access into the UK 2012, when Judge Henderson found that the intermediary that was part of Gibraltar’s Lamp in a competitive marketplace.” FSMA and the Gibraltar Order interacted to Insurance, which went into administration at Hedgehog set up this year in Gibraltar as a permit transfers of insurance business from end-April. specialist insurance managing general agent Gibraltar to the United Kingdom within the scope In 2016, Enterprise, a motor insurer, focused on the UK motor market, and is the only of Part VII, but the implication was that a became the largest to cease trading with a private UK business to be granted 100% of the transfer from the UK to Gibraltar would fall claims bill exceeding £157m, and Elite followed a UK’s Berkshire Hathaway’s underwriting outside of Part VII,” explained Michael Ashton, year later. capacity. insurance expert at Gibraltar Finance, the Jay Gomez, a senior associate specialising government body. in insurance at law firm Triay & Triay (T&T), said: Newcomers too Although Gibraltar’s Minister for Finance, “Failure is never good for any jurisdiction, but “We are on target to write about £35m Albert Isola, had been assured by the UK what we have to be conscious of, given the [premiums] in the next 12 months, across most government in 2014 that such transfers of books amount of business written from Gibraltar, is the of the market and looking to grow substantially of business could be made, subject to usual amount of failures we have experienced is not over the next few years”, reported Hedgehog regulatory approvals, “professional services that large: failures happen all over the world; chief executive, Pete Storey. firms in the UK who advise on such transfers they are bound to happen – it is a reality.” He declared: “Our background is have remained cautious”, Ashton reported. Paul Cole, managing director of, Artex Risk technology and our USP is that as a digital “There has been many transactions in recent Solutions, a leading insurance manager, said broker, we’ve built a platform specifically years with some very significant amounts.” failures happened across Europe, and that all designed for aggregator-driven UK motor market Transfers include both life and general insurance. jurisdictions had their failures and issues, but he business, and as a result can take advantage of “It would be great to attract new business to conceded: “In a small jurisdiction like Gibraltar it data, scale, and processes that are available Gibraltar and even a slice of the total business is painful.” starting in 2019 without having a hangover of would be positive”, he mused.

Continued p14

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Continued from p12 EiFlow, a dedicated Gibraltarian legacy insurance company since 2012 with total net assets at end-2017 of €35m buys books of business that insurance companies don’t want to continue to handle and successfully received transfers of business from France (in 2016) and earlier a much larger Irish insurer. The UK Statutory Instrument this year gives certainty, Ashton asserted. “We will be able to say to these UK legacy operators, why don’t you take another look at Gibraltar, there are compelling reasons to do so, and the UK legislation clearly states Part VII transfers are possible post-Brexit. We can make another push,” he said. According to T&T senior associate lawyer, Car Insurance Graph, Deloitte Ltd Javier Triay : “We believe many small and medium-sized EU insurers are still hoping that a Gibraltar insurance, revealed: “I am working on a addition of the A M Best ratings will enable us to hard Brexit does not happen and will be caught very large Chinese insurance project, involving be differentiated positively from other insurers.” out unless they are taking the appropriate steps huge amounts of premium income which will Quinn, who joined Premier in March with wife, to continue operating under the respective flow through the jurisdiction during the next six Liz as Financial Controller – they previously ran ‘temporary permission’ regimes. months, and Callaghan Insurance is acting as a Gibraltar-based Artex Risk Solutions with “Gibraltar may not have been on the radar conduit between the UK and China.” Premier as a client - noted: “Credit ratings have for EU insurers, which is why the government’s He also catalogued another Chinese gained a higher profile in recent times among UK new “Think Gibraltar” campaign launched in initiative. “We are working through a pre-license financial services business - banks and insurers September in London may be useful in appealing application for a Life Insurance Protected Cell - in part because of insurance failures.” to EU firms who want to continue offering their Company (PCC) to be established in Gibraltar, Gibraltar Finance’s Ashton observed: “Lack services in the UK without establishing a and also on a third joint venture project.” of a rating, per se, doesn’t stop an insurer being presence there by benefitting from the A first was also chalked up in September well-regarded, but having a rating does assist in passporting permissions under the Gibraltar-UK when Premier Insurance became what it appealing to brokers for certain business. There common market. I don’t think we have shouted believes to be the first small to medium-sized is an argument that says more smaller-to- loud enough about the benefits of Gibraltar’s motor insurer in Gibraltar to be awarded medium-sized insurers in Gibraltar should look to offering yet”, Triay maintained. independent recognition of its financial strength obtain a rating, because it provides another level The Far East has for three years been a by global credit ratings agency, A M Best, which of control and oversight and that is positive. target for Gibraltar Finance making at least two noted that the insurer outperforms many UK However, there is another view that it is much visits annually to China and Hong Kong to motor writers and “produces healthy more about demonstrating to brokers, position Gibraltar as a financial services hub that underwriting results”. intermediaries and policyholders that the the region should consider using more often. The specialist insurance ratings agency business has solid reserves and cash flow, and Ashton explained: “Building contacts and assigned Premier – a niche motor insurer – a that the management and controls in place are relationships in the Far East takes time and financial strength rating in September of “B++ second to none.” certainly several visits so people get to know (Good)” and a Long-Term Issuer Credit Rating GIA chairman, Cawdery says in 2019 a key you and Gibraltar. We have an interesting of “bbb”. issue is ensuring a good relationship with the UK. proposition and we have started to have “As we will be in a single market with the UK, we success.” Ratings reassure will understandably need to ensure broad The ratings evaluation helps underscore equivalence of regulatory outcomes with those China moves ahead Premier’s strength at a time when industry insurers in the UK – ensuring the regulatory Bruno Callaghan, of Callaghan Insurance, a regulators have been signalling their support for landscape in Gibraltar achieves a similar end- broker, says Chinese business has already been such financial indicators. Commerce Minister result as those required by UK’s PRA and FCI. gained. “We have Chinese business that we have Isola congratulated Premier on its new financial “There is a risk that the GFSC could put on the books,” he announced, after returning stability report, stressing: “An insurance rating become rule takers from the PRA if there are in October from the latest of more than ten visits involves significant time and effort on behalf of greater regulatory breaches in Gibraltar than the there since 2016. “Now the Chinese are coming the company to obtain and as well as a UK, and the focus now is very much around to Europe to follow up on our discussions, which commitment to further layers of inspection and ensuring insurers’ good corporate governance is a big step forward and an indicator that they oversight to that business, which can only be to see that they are fully aware of what they are are serious,” Callaghan pointed out. “Some positive.“ underwriting and how they are pricing it to avoid Chinese representatives have already been to As Steve Quinn, Premier’s managing anti-selection, given that a substantial amount Gibraltar and I also met in London in September director, said: “Previously, ratings have been of Gibraltar business is arranged at arm’s with the Chinese on various insurance projects.” confined to the large insurers, but as a small length through UK intermediaries”, Cawdery Callaghan, who has 30 years experience in provider in a crowded motor market, the concluded.

14 Gibraltar International www.gibraltarinternational.com 10/07/2019 16:58 FinTech A framework that builds for the future

How a bespoke framework is giving the Rock a competitive advantage

By Nick Cowan, CEO of hen it comes to regulating Gibraltar has a rich history of embracing the GSX Group companies utilising Distributed emerging technologies, rising to the Ledger Technology (DLT), the forefront of the gaming industry through old fable of David and Goliath comprehensive licensing processes. The Wis more relevant than you jurisdiction has found novel ways to apply might think. Large nations and economic blocs regulation to these emerging industries, by are currently lagging behind smaller countries putting principles at the heart of regulatory when it comes to regulating DLT firms. oversight. Several small jurisdictions, including Gibraltar, have taken the initiative, and the benefits are Bespoke frameworks already visible to all. By taking advantage of The Gibraltar Betting and Gaming Association its small size, championing regulatory (GBGA) has a strict set of regulations flexibility, and demonstrating an aptitude for overseeing companies keen to do business implementing innovative and prudent there and such frameworks have paid frameworks, the Rock currently has a distinct dividends for popular providers like competitive advantage over international Ladbrokes and Betfair. By taking a proactive counterparts. approach to regulate emerging industries with

Continued p18

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Continued from p16 bespoke frameworks, Gibraltar is setting itself consultation and insight from stakeholders framework for crypto businesses, and up for success. This proactive approach also with a wide number of needs. This could take Estonia has licensed hundreds of exchanges extends to the burgeoning blockchain space. years. and wallet service providers since it A principles-based framework to In Gibraltar however, important introduced a licensing regime. regulate DLT enabled companies was first government-led initiatives can move in Looking forward, Gibraltar is working introduced by the Gibraltar Parliament in tandem with technological advances, as seen hard to be in front of what it sees as a October 2017, in response to growing material evolution within capital recognition that blockchain was markets, smart securities. The heading for mainstream adoption. The jurisdiction has worked hard for two framework focuses on the transmitter, years building its proprietary not the tech itself. In other words, it blockchain technology to enable the regulates any firm carrying out the use issuance and secondary trading of of DLT, or blockchain, for storing or smart securities, realising efficiencies transmitting value belonging to others. beyond what was previously The regulation is built around nine core achievable. Lowering the cost of principles and, as part of the capital to issuers, reducing the cost of application, each company has to execution to investors, whilst reducing demonstrate to the regulator how it reconciliation costs and capital to addresses, and complies with each intermediaries will be a paradigm shift principle. that will redefine markets.

The Rock’s with the formation of initiatives like the Blockchain powered closely-knit community Gibraltar Association for New Technologies finance This is a novel approach, one which satisfies (GANT). The organisation encourages the Inclusion and empowerment will become the the prudential tendencies of regulators while building of relationships between the mainstays of tomorrow’s markets and allowing for a degree of flexibility for projects authorities and blockchain firms. The Gibraltar has embraced DLT into its core to breathe. Regulating in this manner has government has also created a working group technology framework to enable the vision to allowed Gibraltar to move quickly, striking a called New Technologies in Education (NTiE). become a reality. The progress, in part, is due balance between prudent and flexible The project, a joint initiative between the to the supportive embrace of this emerging regulation enabled, in part, by close ties Government, private sector, and the nascent technology, supporting a new era of between industry and policymakers. The University of Gibraltar, aims to address the blockchain powered finance. Rock’s closely-knit community is conducive to growing need for blockchain-related skills. Smaller jurisdictions are leading the way in terms of regulating firms using blockchain, ‘ and Gibraltar is a prime example of this fact. A principles-based framework to Being one of the first jurisdictions in the world regulate DLT enabled companies was to introduce a regulatory framework for DLT companies, coupled with its nimble economy first introduced by the Gibraltar and regulatory flexibility, it continues to enrich ‘ Parliament in October 2017 its history of implementing innovative and prudent frameworks around nascent industries, giving the Rock a real edge on the cooperation between government, business, The NTiE aims to curate educational courses global stage. and the regulator, helping to build greater that will give employees and specialists understanding of business needs. This strong required industry know-how. This flexibility, to engagement has helped direct the formation listen to enterprise and react speedily, is www.gsxgroup.gi of regulation that provides flexibility for unique in a global context. guidelines to evolve, and speeds up the It would be naive to say that Gibraltar is regions ability to accomplish goals, and the only small jurisdiction taking advantage. respond quickly to a fast-moving industry like Several others in Europe have taken steps to FinTech. become crypto-friendly territories, including If a larger area attempted such a flexible Switzerland, Malta, and Estonia. Last year, regulation, it would likely require a lot more Malta adopted a welcoming regulatory

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allowed on the basis that certain obligations Football contracts are met. One of the key obligations to highlight is that the club shall guarantee the player an academic and/or school and/or vocational By Steven Caetano, the players participation with the national education and/or training. This in turn adds a team, subsequently having an impact on sense of security to the player should he or Partner, assisted by receiving a bonus compensation themselves she wish to pursue a career other than Paul Morello, when the club receives funds via FIFA, UEFA football. Isolas LLP or the ECA. However, this would be dependent on whether the player contract Unilateral Termination of provides for this. contract – ‘just cause’ mproved economic conditions and the To ensure that you will not be in breach Article 13 of the FIFA Regulations on the growth of finances in football have led to of your contract to the club or the football Status and Transfer of Players (RSTP) stakeholders, regulators and academics association, it is wise to have an in depth stipulates that, generally, a football contract to impose and consider the regulation of understanding about the way in which cannot be unilaterally terminated by any of the Ifootball as a business. Naturally in a disciplinary panels operate with regards to parties. In essence, the contract can only be business, employees form part of a structural the potential disciplinary offences committed terminated when (i) the contract expires, or (ii) pyramid and this is no different to the by players or clubs and the rules surrounding when both parties mutually agree. There is, structure of a football club with its players, matters such as: betting, anti-doping and however, one exception in which either the coaches and all other staff involved with the medical malpractice usually stipulated in a club or the player may unilaterally terminate a day to day running of the club. football contract. As obvious as it may seem contract without penalties imposed, the term In turn, a web of relationships is formed to abide by the rules, it is not unusual to hear widely known as ‘just cause’. For example as the obvious need for employment about youngsters but also senior players who FIFA in their regulations stipulate than an contracts comes into play, these can be have inadvertently fallen foul of the rules due established professional who has, in the varied and at times difficult to understand for to a lack of guidance and professional advice course of the season, appeared in fewer than young or senior professionals and their in relation to off field conduct (i.e social media ten per cent of the official matches in which families with the inclusion of legal terms policies). his club has been involved may terminate his imposed throughout. contract prematurely on the ground of What to look out for in a sporting just cause. Due consideration shall Understanding your football contract be given to the player’s circumstances in the football association Under 18’s appraisal of such cases. The existence of rules and regulations There are certain regulations for players sporting just cause shall be stablished on a For players entering into professional under the age of 18 who are wishing to sign a case-by-case basis. contracts, it is essential that they undertake professional contract that they must adhere an extensive review of the rules of the football to. It is vital for those who are parties to the Conclusion association they will be registered under and contract (this includes club officials, players & This article is intended as a brief overview of are guided by those who can interpret some parent or guardian) are aware that under no some of the key parts of a football contract. of the legal jargon into simpler terms. This is circumstances should a contract be signed There are many other issues such as tax, not to say a footballer cannot interpret them without a parent or guardian of the player. image rights, bonus targets which affect a on their own accord but it adds a sense of Furthermore, FIFA Regulations on the Status footballers working and contractual position, legal security to seek advice if clarity is and Transfer of Players stipulate that if a so it is highly recommended that football required for the meaning of certain provisions player under the age of 18 is going to sign a players seek professional advice before of a contract or the regulations of an professional contract, it may not exceed three signing their contract. association. years in term. A footballer, would not only be employed International transfers of players are only by the club but under their employment permitted if the player is over the age of 18, www.gibraltarlawyers.com contract, would also be subject to the however, there are a few exceptions to the contractual terms imposed by football’s rule which will apply in such a situation. For governing bodies at both a national and example, if the transfer takes place within the international level. For example, those that do territory of the European Union or European represent their footballing nation should be Economic Area and the player is aged aware that their club would receive a fee for between 16 and 18, the transfer would be

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s l a r i m d A By Louis C. Montegriffo very much so from Q4 ’16 to mid-‘18 ; yes, in past we have referred to our experiences in Managing our view it was unexpected to have 2008 with the over supply of off plan experienced price hikes of up to 15% over developments and the impact caused which Director, that period, but the fact that we had a lack led to increase stock levels in rentals, BMI Group of supply in certain segments and an followed by a price adjustment. We have also economy continuing to grow simply warned of over pricing and the fact that price generated a bull market with rising prices. reductions, which are a reality today, are not The uncertainly of Brexit over this period necessarily the result of a downward trend really only affected the top end (4th tier) in but merely an adjustment to the levels that the the market and it would be true to say that market is prepared to go to. this tier has been relatively flat ever since. Today, there is a general (price) f late making sense of anything is I have sometimes been referred to as adjustment across the board; interestingly hard, the phrase “we live in sailing the cautious wind when it comes to unlike in 2008 the adjustment is not just a uncertain times” seems to be forecasting the market, we like to attach flattening or downward trend, but rather, in all making its way into the hall of fame #zerohype #seriousadvice to our branding directions and with varying pace. Ofor quotes…….together with “let’s and we have done so because of the hype of This is the result of multi trends steered get this done”, “Brexit means Brexit” and, how the past few years in so far as new by demand or supply: could we possibly forget the big red bus and developments and particularly some l The new studio / small one-bedroom “let’s take back control” segments in the market which in our view are off-plan sector pied-à-terre segment are of a What on earth has the above got most certainly surplus to demand and end little concern, regardless of Brexit we do not anything to do with property, well what part user. see the end user being a cross frontier of our daily lives over the past three years worker renting a three bed town house in has not in some way or another, not been Rental properties Alcaidesa for €750pcm and swapping it for a touched by the events of June 23rd In the last 18 months we have warned of studio at £1,000pcm – that is not to say that 2016……believe me the property market is no potential increased stock levels driven by Gibraltar does not see a market in this exception to the rule. speculative demand and we have also segment, but volumes of proposed units are Fact remains that property prices have highlighted the fact that this results in high as are sale rates which in some cases generally moved upwards since 2016, in fact increased rental properties available. In the are reaching up to £7,000/sqm.

Continued p24

22 Gibraltar International www.gibraltarinternational.com www.gibraltarlawyers.com

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Continued from p22

117 Main Street Project

l High density off plan luxury of the larger properties in the 2 / 3 / 4 117 Main Street, is a refurbishment of an old developments have to some degree (and in bedroom range seeing good growth and grandiose freehold town house located in the some areas more than others) seen a demand, further highlighting the confidence heart of the city centre. There is clearly flattening of prices and in some from the owner occupier driven markets. demand for refurbished grade A office space circumstances, where the speculator wants l The 4th tier (£1.5m+) remains in in the old town area and Sovereign Group will an exit, sold for less or a similar amount to general relatively flat. Understandably parking be relocating their entire operation into what price levels at launch – this signifies a upwards of £1.5m under the circumstances will be a spectacular 1,300sqm of high end downturn and lack of demand at this upon which we find ourselves will be a tough GradeA office space within a truly charming segment. ask and although we are not seeing price Freehold Building. This move marks and reductions, we underpins confidence in our economy and a are equally not significant investment from an established seeing the player in the financial services sector. turnover of sales that were Driven by confidence witnessed Regardless of some concerns within the previous to June residential / lettings sector, the fact remains 2016. that Gibraltar is enjoying growth in our economy, driven by confidence from existing Strong and established firms as well as from new demand sectors such as Distributed Ledger A mixed bag if Technology (DLT). Gibraltar will continue to be ever there was an attractive proposition and although hurdles one; from our out of its control will present challenges, the experience and jurisdiction is well placed and very able to having witnessed overcome the uncertainties surrounding its Plata Villas, South District various ups and small but dynamic and resilient centre – if downs, the Gibraltar’s history has anything to teach us, it l High end off-plan developments with a positive story remains that there continues to is that it emerges far better from its hurdles good mix of units across the board (i.e 1-4 be strong demand, more so in specific than most. beds) by default increase your margin in segments led by owner occupiers. attracting owner occupiers (the real market) The market however is price sensitive and tends to reduce exposure to speculators. and has on many occasions, highlighted over www.bmigroup.gi Gibraltar has found these projects, also lesser pitching which invariably leads to lack of sales in volume, have done well over a similar and inevitably a reduction in price. This period since their launch and are seeing good reduction in price must not be confused by a profit margins in most cases. recession in the wider market but rather a l Existing stock within the £300,000 to sensible adjustment to market prices. £900,000 range is relatively stable with some Touching slightly on commercial property,

24 Gibraltar International www.gibraltarinternational.com

Finance

them in a solid financial plan, they will not be Saving smart the best solution for all savers. The great thing about the “endowment era” just gone by is that it succeeded in consumers. Ultimately, the two prime issues creating a strong savings culture amongst By Daniel Pitaluga, at the forefront of someone’s mind when young men and women entering the Senior Associate, entering into any financial or investment workplace. As early as age 18, at the Abacus contract are: How much is it going to cost and prospect of commencing their first job, how much will I get in return? parents took a lead role in the promotion of iven the complexities and these plans, educating and encouraging their unpredictable nature of life, savings A substantial amount offspring to save and therefore instilling these should always be an integral part of of risk important life values. More recently, it seems any financial plan. Whether it be to Although generally pitched as a secure regular as though the importance placed on savings Gaccumulate an emergency fund to savings plan, what many consumers do not has diminished and this has taken a step help bail you out that one rainy day or to pay realise is that their savings plan is an backwards in the priority order of all the for fundamentals such as education, the investment linked savings plan and the return financial challenges and expenses we are effects of not having a suitable savings plan in on their monthly contributions is dependent daily faced with. place could be detrimental. Historically, on the performance of the investment Gibraltarians have maintained a commendable markets. Whether these types of policy were Financial guidance approach to saving disposable income, not explained to consumers properly at the The generation we live in, one obsessed with facilitated popularly through endowment point of sale or because they were lured in by instant gratification and spending, has lost policies, locally referred to as “un seguro de the prospect of significant returns at the end their ability to save. In the age of information vida”. of the term, endowments have been, and to and technology, younger, more independent some extent these, or similar structured should-be savers believe that they will get by Savings plan plans, still are, the savings plan of choice for without the financial guidance of their parents An endowment policy is an investment locals. However, what most do not realise is or an adviser. This, coupled with an apparent product that you buy from a life assurance that in order to make a substantial return, a lack of suitable alternatives in the local company. They are set up as regular savings substantial amount of risk must be taken and market, raises the question whether this will plan and at the end of a set period pay out a when you factor in the charging structure, lead to a generation that will rely more heavily lump sum. The policy includes life assurance, including commission taken by the adviser at on acquiring debt instead of making adequate so it will also pay out if you die during the pre- the outset, these opaque policies become a savings provision. agreed term. Due to their complex nature, significantly less efficient savings vehicle. This younger generation appears to have endowments are often misunderstood by Whilst there may continue to be a place for moved away from the traditional form of

Continued p28

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www.gibraltarinternational.com Gibraltar International 27 Finance

Continued from p26 saving and given the current low interest rate supervision and guidance of a qualified will evaluate the performance of your existing environment, it is no surprise. It also seems financial adviser. There are several benefits to investment to make sure it stays in line with as though saving via insurance based policies having a savings plan set up through an online what you want to achieve, whether that is to is also falling out of favour, quite possibly due platform as opposed to an insurance based beat the interest rate given by your bank, to these policies not being able to deliver the plan, such as an endowment. The most match or beat inflation so your money does kind of returns they once did. Nowadays, important of these is premium flexibility and preserve its real value or to maximise your although it is still possible to take out a overall cost, platform fees are generally far money’s potential for long term growth. combined life insurance and investment linked less expensive than taking out an endowment Whichever option you proceed with, the savings plan, there are also possibilities to policy which will allow the potential for your important matter is to establish a savings segregate these into pure life policies and money to grow faster. Instead of commission, habit and have a balanced financial plan that pure investment plans. Generally, one can these product fees tend to be very includes an element of saving from your take financial advice on their needs for transparent and simple to understand. surplus income. You cannot control interest protection, and discuss life cover plans that rates or predict stock market movements, but also include critical illness cover with their Plug and play option you can control when to start saving and how financial advisers. They can then focus on It is possible to set up a platform based much to set aside every month . their savings needs separately and will have savings plan in two ways. There is the ‘plug and play’ option, in which you will be given a access to a much larger variety of savings www.abacus.gi and investment options, one of which is an choice of “ready-made”, risk graded funds or, investment platform. in conjunction with your adviser, create a An investment platform is an online bespoke, diversified portfolio in line with your service which allows you to buy, sell and hold risk appetite and financial goals. By setting up funds, it is essentially a one-stop shop for a savings plan with an adviser, you also gain those who wish to trade funds, under the the benefit of an annual review. Your adviser

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www.gibraltarinternational.com Gibraltar International 29 Professional Bodies based in Gibraltar

Association of Trust & Company Managers (ATCOM) Gibraltar Finance Centre Council (GFCC) Joey Imossi, Chairman, Tel: + (350) 200 76651 Peter Montegriffo, Chairman, Tel: + (350) 200 79000 Email: [email protected] Email: [email protected] Actuaries Rock Gibraltar Federation of Small Businesses Ltd (GFSB) Kathryn Morgan, Chair, Tel: + (350) 200 40283 Julian Byrne, Chairman, Tel: + (350) 200 47722 Email: [email protected] Email: [email protected] Bar Council Gibraltar Funds & Investments Association (GFIA) Keith Azopardi, Chairman, Tel: + (350) 200 79423 James Lasry, Chairman, Tel: + (350) 200 64740 Email: [email protected] Email: info@gfia Chartered Institute of Personnel & Development (CIPD) Gibraltar Insurance Association (GIA) Lesley Louise, Chairwoman, Tel: + (350) 54428000 Shaun Cawdery, Chairman, Tel: + (350) 200 03700 Email: [email protected] Email: [email protected] Gibraltar Association of Pension Fund Administrators (GAPFA) Gibraltar Insurance Institute (GII) Gerry Kelly, Chairman, Tel: + (350) 200 76173 Lorraine Povedano, President, Tel: + (350) 54003732 Email: [email protected] Email: [email protected] Gibraltar Association of Compliance Officers (GACO) Gibraltar Society of Accountants (GSA) Carlos M. Martins, Chairman, Tel: + (350) 2000 2022 Daniel Delgado, President, Tel: + (350) 200 41200 Email: [email protected] Email: [email protected] Gibraltar Bankers Association (GBA) Gibraltar Electronic Money Association (GEMA) Ainslie Andrews, President, Tel: + (350) 54001395 Dani Spier, Chairman, Tel: + (350) 200 79645 Email: [email protected] Email: [email protected] Gibraltar Betting & Gaming Association (GBGA) Society of Trust & Estate Practitioners (STEP) Peter Howitt, Chief Executive, Tel: + (350) 200 68450 Peter Isola, Chairman, Tel: + (350) 2000 1892 Email: [email protected] Email: [email protected] Gibraltar Chamber of Commerce (GCC) Christian Hernandez, President, Tel: + (350) 200 78376 Email: [email protected]

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30 Gibraltar International www.gibraltarinternational.com Perspective matters

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