Gp1I0 FSC BRpA20 Gaming LTMaAy/June/JuR ly 2011 INTERNATIONAL
FINANCE l INVESTMENT l BUSINESS Smart Sailing Fractional report part 2
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www.gibraltarinternational.com GIBRALTAR INTERNATIONAL 3 May/June/July 2011 EDITORIAL COMMENT Volume 17/ Number 2 Making space for newcomers
he secret of a good spoof is to not make the story so incredible that it could just be true! Such was the case with the April Fool’s Day story in Gibraltar’s Tdaily newspaper, The Chronicle heralding the diversion of HMS Invincible in the Straits to Gibraltar’s port so it could be converted into office space for the burgeoning e-gaming sector! Contents Without doubt on-line gambling firms see the jurisdiction as the must-be place, not just because of the clear NEWS P6 financial advantages of low business taxes (Corporation Tax 10 per cent and Gaming Duty just 1 per cent), but also the Gibraltar nets largest e-gaming firm, but don’t expect inexplicable herding effect. Big name gaming firms like much more! William Hill, 888 and Ladbroke are there, and now the world’s biggest – bwin.party digital entertainment – has FUNDS P8 chosen The Rock for its consolidated headquarters. Good news for Gibraltar plc and the jurisdiction’s The Changing face of the Gibraltar Funds Industry reputation for firm, but flexible regulation, the implementation of which has prompted the government to FSC P10 refuse gaming licences to numerous operators seeking to relocate from Europe and elsewhere. Protecting the Public - The Role of Enforcement Of course, it was fortunate that the separate bwin and Party Gaming firms already had a significant presence in FINANCE P12 Gibraltar, occupying three office buildings that now are to be Global Market Review welded into one new Atlantic Suites office this summer. However, had this been a new business arrival on the Rock, FINANCE P14 there would have been nowhere for the operation to go in a single location. Risk management in the current global environment Such is the lack of readily available office space that Chief Minister Peter Caruana is convinced Gibraltar has lost SUPERYACHTS P16 out already from large enterprises not moving in. It’s not that office space is unavailable – some estimate more than 7,000 Smart Sailing m2 is vacant or in the process of being constructed. But it’s Fractional Ownership Spotlight: Part 2 spread over several relatively small projects. Hence the Government’s dilemma: on the one hand it GAMING P20 wants to prod investors in large-scale office building to solve the problem, but on the other, it doesn’t really want to do so More of a gamble by going into direct competition – there’s lots of other big ticket items to fund such as the £123m power station now to OFFICE DILEMMA P24 be built. But Caruana knows that to leave the jurisdiction Office famine prompts renewed speculation on State underprovided in quality offices is going to limit what can be investment achieved in expanding the finance and business sector. Entrepreneur Greg Butcher has already proved he can BUSINESS ROUND UP P28 deliver Ocean Village when many thought he’d fail, but the present strategy of protracted interlinked negotiations - over the increased scale of his planned new Gibraltar World Trade Center and other related property deals around The Rock - GIBRALTAR INTERNATIONAL MAGAZINE might force the government to act on its own initiative before this summer. Published by Gibraltar No part of this publication Caruana’s option to get things moving is to fund the International Publications Ltd . may be reproduced without 20 Engineer Lane the written permission of the first stage of the giant 38,000 m2 Mid Town project and then Suite 6/PMB 104 publishers. risk an eventual profit when built. It’s all down to timing, of PO Box 561, Gibraltar The publishers have tried to course. ensure that all information is The Budget is in June – a year after he first raised the accurate, but emphasise that spectre of government involvement in office building to Editor they cannot accept [email protected] responsibility for any errors or overcome developers’ lack of bank finance - and the last omissions. The publishers before a likely autumn general election. Sales accept no responsibility for Caruana’s already foreshadowed cuts in personal [email protected] statements made by taxation over the next two years that will further encourage contributors or for any claim executives and their staff to move to the territory, and the EU Design made in an advertisement. [email protected] Advocate General has backed Gibraltar’s right to set taxes independently of the UK giving still greater certainty. UK Agent: © 2011 Gibraltar International And all that will put still further pressure on the Tel: 0044 (0) 1993 703560 Publications Ltd. jurisdiction’s lack of office space. Ray Spencer
4 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com NEWS Gibraltar nets largest e-gaming firm, but don’t expect much more! “Europe now has an international tablet devices, the Company £4-7m a year. claims to be the largest in Ralph Topping, William champion that doesn’t rely on the US” mobile betting. Hill’s chief executive, explained: as a result of the merger at end-March It said moving operations "This significant change to our from Alderney to Gibraltar telephone business is a response of two of the largest e-gaming would bring both commercial to the challenge of competing companies, bwin and PartyGaming to benefits and “significant on- with betting exchanges and off - going cost savings and shore telebetting operators, all form bwin.party digital entertainment improved operational margins” of whom have benefitted from plc, with its chosen headquarters in as the business expands from significant cost and tax advan - Gibraltar, writes Ray Spencer Gibraltar. tages over UK bookmakers." “We believe Gibraltar is the Freddie Ballester, chairman he move comes after to expand our business.” premium gaming jurisdiction in of Gibraltar Betting & Gaming approval of five new Chief Minister Peter Europe and with our continued Association, said: “Tax is a big licences to increase Caruana told Gibraltar European expansion, we believe advantage in Gibraltar – not Tthe number of gam - International , that although the that Mangas Gaming will be just business tax, but personal ing operators to a total of 24. jurisdiction had seemingly perfectly placed moving for - tax for High Net Worth Three firms - Betfair, Magnas become an internationally cen - wards.” said chief executive Individuals.” Gaming (part of a French on- tre for on-line gaming firms, Nicolas Beraud. The French- Malta, in particular, and line gaming group) and previous to the new licences owned company has moved 50 other offshore jurisdictions have Probability, (a hand held mobile being granted “dozens and staff to The Rock. wooed e-gaming companies, gaming service provider), have dozens of applications for Betfair opened its Gibraltar but Ballester declared: “They opened for business this year. gaming licences were rejected”. operation under its new TSE cannot match our financial situ - Tombola, a UK major on- The government has stated (Gibraltar) licence in mid- ation, so the best companies are line Bingo provider, and “it will only consider licensing March as a centre for what it based in Gibraltar”. WagerWorks, part of the US- blue chip companies with a says is “the largest betting based IGT Group, have still to proven track record in gaming, exchange in the world” where The licence to have reveal their plans for the licenced in a reputable jurisdic - customers bet against one Some early Gibraltar internet jurisdiction. tion, of good financial standing another and select their own gaming firms, such as Victor and with a realistic business odds. Chandler, gained Tax Exempt Seizing opportunities plan”. David O’Reilly, managing Status, but at end-December John Shepherd, the new bwin A gradual growth policy director of the Gibraltar arm, this was axed to meet EU group spokesman, said the means the e-gaming sector con - says: “Betfair expects to make requirements. “merger of equals” planned tinuing to employ around 2,000 around £20m in tax savings [in At the same time, the head - since July will result in “synergy people, with newcomers balanc - the 2012 financial year] as a line rate of Corporation Tax for savings of €55m”. ing those other firms that have result of the move, but only all companies was reduced from “We are hitting the ground reduced numbers locally as a £10m of that will be reflected in 23 to 10 per cent, which com - running” with strategic, opera - result of economic cuts. underlying earnings, because pares with the UK’s present 28 tional and financial benefits that “We do not want in any there are costs associated with per cent. The jurisdiction’s low come from “creating the case to see the sector get much moving the business to 1 per cent Gaming Duty, com - world’s largest listed online larger here and become too Gibraltar, running a data centre pares with 15 per cent generally gaming company,” he said. great a part of our economy”, here and in Dublin etc.” in the UK; employment costs The enlarged firm has 420 Caruana explained. “It is at a such as National Insurance are staff in Gibraltar – 3,000 world - size where the regulator has a Significant advantage lower too. wide - and their three office pretty intimate knowledge of William Hill Online has estab - Phil Brear, Gibraltar head locations on The Rock are to be the companies and their lished a telephone betting centre of gambling regulation, notes: consolidated into one at activities”, he emphasized. in Gibraltar after the UK book - “Being within the EU, and hav - Atlantic Suites by August. Probability, the Aim-listed maker closed a Leeds call centre ing a responsible and robust Prior to the merger bwin mobile betting service provider and outsourced another in regulatory regime, Gibraltar is a said: “We cannot provide spe - via iPhone and Android appli - Sheffield to cut 150 staff. desirable location for e-gaming cific details [for Gibraltar], but cations, was the first since 2008 Although the moves cost companies. It’s become clear our merger puts us in a good to get a Gibraltar gaming around £7m last year, the that Gibraltar licences are the position to seize opportunities licence, and with increasing Company anticipates annual licences to have!” in the future – our clear aim is attention on smart phones and cost savings from 2011 of See also More of a Gamble, P20
6 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com FUNDS
believes that relaxing this provision and The Changing face of the allowing for the appointment of non- Gibraltar Fund Administrators would be attractive to fund managers considering Gibraltar Funds Industry Gibraltar as a jurisdiction to domicile their New legislation and changing regulations look set to make funds. Gibraltar an even more desirable jurisdiction for Fund The Gibraltar Government is Managers, as James Lasry from GFIA reveals. expected to release a revised version of the EIF Regulations this year, hopefully ibraltar has been growing in regulation will be harmonised across the attracting more fund related business to popularity over recent years as EU, each fund manager which complies Gibraltar and benefiting Gibraltar-based a European hub for fund with the AIFM Directive will be able to Fund Administrators with a wealth of new Gestablishment. It has been passport the marketing of their funds into business. Another substantial amendment attracting fund managers and investment all EU member states. This will mean that being considered is extending investment professionals in increasing numbers due to in order to market in an EU member state, opportunities to “professionally advised its favourable fund legislation and fund managers will no longer have to rely investors” who, under the current regime, infrastructure, its position within the EU on private placement regimes or undergo would not be eligible to invest as they and of course its favourable tax regime. time-consuming and costly registration would not meet the “experienced This popularity looks set to continue as processes. The marketing passport will investor” criteria. Gibraltar becomes subject to new EU fund initially only be available to funds and regulation and amends existing laws to managers which are EU based from 2013. The Implementation of the make itself an even more competitive It is anticipated that in 2015, non-EU fund UCITS IV Directive location for funds. and non-EU fund managers will also be The Gibraltar Government is currently bestowed the marketing passport. implementing the UCITS IV Directive into The Alternative Investment James Lasry, the Chairman of The Gibraltar law and working towards a June Fund Managers Directive Gibraltar Funds & Investment Association deadline. UCITS IV repeals all other One of the most anticipated developments (GFIA), spoke to Gibraltar International legislation relating to UCITS and which will affect Gibraltar’s fund industry about the effect the AIFM Directive will consolidates all laws on UCITS funds. The will be the implementation of the have on Gibraltar as fund domicile: “The UCITS IV regime keeps many of the Alternative Investment Fund Managers’ advantage of being able to market EU fundamental qualities of UCITS funds, Directive (AIFM Directive). The original domiciled funds in any EU member state such as the principle of risk spreading and AIFM Directive draft was first proposed will greatly outweigh any reason for borrowing restrictions, but also introduces in April 2007 with the purpose of establishing a fund outside the EU. some new concepts. For example, regulating fund managers across the EU. Gibraltar’s position in the EU, beneficial provisions regarding the passporting of The rationale behind the Directive is that tax treatment for funds and commendable UCITS management companies have been activities undertaken by fund managers of legislation for the establishment of updated to allow licenced UCITS “alternative investment funds” could have professional funds make it a perfect managers in one jurisdiction to efficiently a substantial influence on the direction jurisdiction to take advantage of the passport their services into another and dynamic of financial markets. With benefits the AIFM Directive offers. In fact, member state. UCITS IV also provides for this in mind, the EU feels that fund when the Directive is enacted, Gibraltar master-feeder structures to facilitate asset- managers which manage funds with will be one of only four jurisdictions in the pooling and also replaces the need to substantial portfolios should be subject to EU which will combine favourable tax produce a simplified prospectus with a key standardised EU regulation. treatment for funds with strong fund investor information document. There has been considerable debate legislation, a wealth of fund knowledge Once this Directive is implemented it amongst global industry experts with and experience, credible service providers will be another benefit for Gibraltar and regards to the application of the AIFM such as administrators, banks and hopefully attract more international fund Directive. Many experts have strong auditors and competitive prices.” managers to the jurisdiction. feelings that it is misplaced and stems from political motivation rather than a Amendments to Gibraltar’s The Gibraltar Funds & genuine need for regulation in the sector. Experienced Investor Fund Investment Association (GFIA) However, the final version of the Directive Regulations GFIA represents the interests of the funds was accepted in November 2010, so now Changes are also a foot with the Financial and investments sector in Gibraltar, and the industry must focus on the job in hand Services (Experienced Investor Fund) seeks to establish Gibraltar as the and work towards compliance. Regulations 2005 (“EIF Regulations”), the specialist funds’ jurisdiction of choice in Under the Directive, fund managers legislation which provides for the popular Europe. GFIA offers a calendar of training will need to meet more stringent Experienced Investor Fund (EIF) regime. sessions to help members keep up to date requirements. These include capital The EIF Regulations currently state with changing regulations. To join GFIA requirements, reporting requirements and that an EIF must appoint a Gibraltar- or see their upcoming training sessions restrictions on borrowing. However, since based Fund Administrator. The industry visit www.gfia.gi
8 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com FSC
The FSC, like other regulators, has a limited budget with which to perform these Fine by me functions. We have to ensure our resources Marcus Killick, CEO of Gibraltar Financial Services are used effectively and efficiently. This means that we must be careful in how we Commission, reports on protecting the public and the role exercise our enforcement powers. To this of enforcement end we always look towards the objective In its 2010/2011 financial year the FSA col - mately ends up meeting the costs of these of any enforcement action and ask are we lected a record £98.4m from fines it fines. In the case of a mutual financial firm using the best tools for this particular issue? imposed on its licensees. The total is almost (for example a building society) the cost is three times the level achieved in the previ - ultimately born by its customers/members, Cooperation and reputation ous year and is equivalent to a fifth of the who may indeed be the victims of the very We are required by statute to take a num - FSA’s operating budget. breach for which the firm was fined. ber of matters into consideration when tak - This total included the record fine of Aside from administrative fines (for ing action. This includes: “the need to £33.32m imposed on JP Morgan Securities example for late returns), the FSC does not maintain the good international reputation for failing to protect clients’ money by have fining powers of the kind exercised by of Gibraltar generally and as a jurisdiction combining it with its own funds for nearly the FSA and SEC. Indeed many regulators for the conduct of financial services seven years. The breach was not deliberate from the smaller international centres lack business”. and no clients suffered a financial loss. such powers. As part of this we work closely with Other fines during the year included; There are no international standards our regulatory colleagues in other jurisdic - l £17.5m on Goldman Sachs for weak - which expressly require a regulator to tions. It is now common for enforcement nesses in controls and a failure to provide have fining powers. The International actions to involve regulators from several the FSA with appropriate information; Organisation of Securities Commissions locations due to the operation of financial l £7.7m on Barclays for failings in the way (IOSCO) which is setter of international firms become more international in nature. two income funds were sold; and benchmarks for investment services regula - Historically, fraudsters and others have l £5.6m on Royal Bank of Scotland tion simply requires that the “Regulator used the previous lack of effective coopera - Group for failing to have adequate systems should have comprehensive enforcement tion to make enforcement action more dif - and controls in place. powers”. ficult. As a result of this both international The FSA used the monies received to So do we operate a comprehensive standards and EU Directive requirements reduce the regulatory fees for other firms enforcement regime in Gibraltar? (for example the Market Abuse Directive) via discounts. have made the sharing of information the These figures, whilst significant, are Enforcement in Gibraltar norm. dwarfed by those of the US Securities and Given that the FSC does not have fining Such lines of communication between Exchange Commission (SEC) who fined powers what other administrative and regulators are now an essential element of Goldman Sachs a record $550m. Fines other sanctions do we have? keeping markets stable and stopping inap - have become increasingly used as regulato - The FSC has taken a number of differ - propriate persons from being in control of ry tools. However, the question which ent actions in order to fulfil its mission financial firms. With the ability of EU needs to be asked is, do they truly work? statement “to protect the public from firms from one country to set up branches Turning first to the case for fining. financial loss”. These have included the or sell their services in other EU (and EEA) Large fines send a message to both the mis - removal of licenses, the imposition of direc - member states it is only sensible that coop - creant and the rest of the industry that the tions or conditions and the removal of indi - eration between regulators is maximised. regulator will deal with even smaller viduals from key positions where we con - breaches, severely. sider them not to be “fit & proper”. More Looking ahead Fines do therefore provide a credible recently we obtained a restitution order At this stage of the global economic cycle, deterrent to rule breaking. Furthermore against a number of the directors of a for - fraud and other misconduct is more likely they now make a difference to some regu - mer licensee, requiring them to pay back for a number of reasons. Consumers who lators incomes, thus allowing them to move money lost by investors. We have also insti - are unable to get an adequate return on some of the cost of regulation away from tuted the winding up of a number of enti - their deposits may turn to more risky and those who comply to those who do not (the ties in the Gibraltar courts and obtained exotic investments some of which may be “polluter pays” principle). Finally the fines injunctions against others. operated by fraudsters. Firms may have send a message to the public at large that In addition to these, we have issued a financial difficulties which may result in the regulatory system is protecting them number of public warnings regarding unli - their breaching conduct of business rules in and has teeth. censed firms appearing to offer regulated an attempt to cut costs. Other firms may However the argument for many large services or products from or into Gibraltar. reduce the level of due diligence on their fines has its detractors. Firstly, whilst the Given one of our statutory objectives new customers. Some, previously honest fines may appear large they are often dis - is the reduction of financial crime, the FSC individuals, may turn to stealing client proportionate to the profits of the organi - works closely with the Royal Gibraltar money or assets. sations concerned. Secondly by imposing so Police and Gibraltar Financial Intelligence Whatever the cause, the need for effec - many fines the reputational damage on the Unit. We are also the investigating tive regulatory oversight and prompt individual firms concerned is lessened. authority for market abuse crimes (such as enforcement action is high and the FSC Finally there is also concern as to who ulti - insider trading). remains in position to do this.
10 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com FINANCE
Dale became the third member to vote for a rate increase. Investors speculate that Global Market Review Charles Bean will be the fourth member to Anthony Jimenez, Funds Lawyer at Hassans, reviews the key vote for a rate hike in the second quarter factors which have been influencing investment and trading due to his comments at the beginning of February. The FTSE 100 index closed at the decisions over the first quarter of 2011, and subsequently the end of March at 5908.76 points, down direction of global financial markets. 1.78% from the beginning of the quarter, Most major economies managed to stage bailout. On 22nd March, the Portuguese but up 7.43% from the beginning of 2010. something resembling a recovery by the end Parliament rejected the Portuguese of 2010 and there was a high degree of Governments’ austerity plan and, the next Asia – Slowing demand in China optimism going into 2011, with the S&P day, Prime Minister Jose Socrates tendered Investors are concerned that cooling 500 index climbing 1.50% during the first his resignation. On the 31st March, demand in China will have global implica - trading days of January. However, the first Portuguese 10-year bond yields closed at tions. Fears of overheating markets, infla - quarter of 2011 has not been all plain 8.41%, compared with German 10-year tionary pressure and a housing bubble have sailing, in fact, far from it, as economies bond yields at 3.35%. The variance reflects caused the People’s Bank of China (PBoC) have encountered new problems, as well as how investors continue to demand higher to raise rates in an attempt to cool its econ - having to deal with the reprisal of ghosts rates for lending to nations with question - omy. On the 8th February, the PBoC imple - from 2010. able public finances. Analysts have warned mented a rate hike of 0.25% following that borrowing at such high rates is not sus - hikes in January and December. China’s CPI US Labour Market tainable and will inevitably lead to a for February printed high at 4.9% leaving Investors have been scrutinising US labour default. To add to European concerns, on investors anticipating further rate hikes dur - data during the first quarter, on the grounds 17th January, Germany announced it was ing the second quarter. To add to investors’ that analysts believe that this sector needs to reluctant to add to the European Financial concerns, on March 9th, China’s trade bal - improve in order for the US recovery to be Stability Fund (EFSF), causing panic ance printed at -$7.3B vs $4.9B forecast, sustainable. Reported data has been mixed amongst investors who speculate that with - the lowest reading in seven years, support - since the beginning of the year, with unem - out the support of Europe’s largest econo - ing fears the Chinese economy is slowing. ployment claims, non-farm payrolls, chal - my, the EFSF could not back nations, such lenger layoff reports, ADP non-farm as Italy and Belgium, if they also show signs Tsunami Shakes Markets employment change, printing both encour - of failing. On 11th March, an earthquake of magni - aging and disappointing figures. However, However, for now, investors are tude 8.9 hit Japan triggering a devastating investors have been inspired by the contin - concentrating their anxieties on Spain. The tsunami. The damage caused to Japan’s ued downtrend of the US unemployment Iberian giant is Europe’s fourth largest domestic economy, as well as the global rate, which printed 8.9% for February and economy and analysts have advised that it is economy, is difficult to determine currently, follows falling figures for January and too big for the EU to save with a bailout. given Japan’s status as the third largest December. However, tough austerity measures intro - global economy, which is to a large degree, The declining unemployment rate has duced by the Spanish Government in 2010 export oriented. Most notable were the given investors some assurance about the calmed bond markets to some extent, with problems caused at the Fukushima nuclear US recovery, although the trend may be both China and Russia publically announc - power plant. Speculation of a potential partially attributable to how the Bureau of ing in 2011 that they would consider buy - nuclear disaster caused markets around the Labour Statistics have reformed the ing Spanish bonds. On 31st March, Spanish world to plunge, however, most have since method of calculating labour statistics. 10-year bond yields closed at 5.30%. made up the losses. On 31st March, the Nevertheless, investors moved into US However, Spain is by no means out of dan - Nikkei 225 index closed at 9755.10 points, stocks during the quarter; on the last trad - ger, as investors were reminded, on 29th down 6.41% for the quarter and down ing day of March, the S&P 500 index March, by an announcement by Moody’s 9.22% from the beginning of 2010. closed at 1325.83 points, a rise of 4.24% rating agency that it would be downgrading since the beginning of the quarter, and up the debt of Spanish banks. Commodity Markets 17.02% since the beginning of 2010. – Middle East UK policy problems The turbulence in Egypt and Libya caused Sovereign Debt Markets - Inflation vs Interest Rate Hike equity markets to retract on the assumption The “sovereign debt crisis” has continued On 22nd March, the UK Consumer Price that disturbances to the Suez Canal and the to plague Europe during the first quarter of Index (CPI) for February printed at 4.4%, production of crude oil, would cause a 2011; news regarding Europe’s “peripheral the sixth consecutive month in which it had surge in global oil prices and, in turn, cause countries” has been largely negative and increased. The Bank of England, like the additional inflationary pressures through - has weighed on the minds of investors. The European Central Bank, finds itself manag - out world economies, potentially forcing Euro Stoxx 50 index closed at 2910.91 ing an economy with tepid growth but with central banks to increase rates. News of points on the last trading day of March, above trend inflation, limiting policy deci - outbreak of civil war in Libya initiated a down 2.52% for the quarter, and down sions to a large extent. On the 26th January, sell-off of riskier assets with investors deter - 3.67% since the beginning of 2010. There the Monetary Policy Committee voted 7-0- mining that higher oil prices could affect have been several rating downgrades of 2 in favour of leaving the official bank rate company earnings, as well as depress con - “debt-club” members since the beginning of at 0.5% albeit with newest member, Martin sumer confidence. On the 31st March, the year and analysts are adamant that Weale, joining Andrew Sentence in voting Brent Crude future contracts closed at Portugal will be the third member to seek a to raise rates. On 23rd February, Spencer $117.10 per barrel.
12 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com FINANCE
Fly Zone and coalition military action. This has a direct impact on the price of oil Risky business and has resulted in sanctions on companies with an investment from Libyan authorities. Will an escalation of Bruce Barlow, Risk events in Libya result in further increases Manager at Barclays in oil prices and indeed is Libya the main Wealth, Gibraltar, reports focus of concern regarding oil prices? The political instability that has on risk management broken out has significant potential in the current global ramifications for businesses with operations or employees in the region. environment We have also seen the BP oil disaster, subsequent political reaction and $20 isks can arise from a number of billion compensation costs, the Hungarian sources including uncertainty in toxic sludge disaster, computer financial markets, operational viruses/worms attacking specific targets, Rfailures, legal liabilities, credit the resurgence of bombs in UK and Dubai risk, accidents, natural causes and en route to the US and the Asian Tsunami disasters as well as from deliberate in 2004. attacks. Other terms such as reputational, financial, operational, legal, and tax risk, Bribery and Corruption are often referenced and incorporate areas Act UK such as the need for data privacy and One current topic of discussion is the business continuity management. take into account human factors and be Bribery and Corruption Act UK. The Act In textbook risk management, a dynamic whilst being continually will have significant implications for every prioritisation process is followed whereby improved. Much is said about whether company doing business in the UK as well the risks with the greatest resulting loss this has been the case for most as for UK companies based globally. and the greatest probability of occurring organisations in the past. Unlike the Foreign Corrupt Practices Act are managed first, followed by risks with As a results of the events of the (FCPA), the Bribery and Corruption Act less probability of occurrence and lower financial and economic crisis a few years specifically outlaws facilitation payments losses which are managed in descending ago, clients now demand more of thus requiring full review by companies in order. In practice the process can be quite companies in relation to risk management. order to avoid potential prosecution. One different as there are costs to mitigate so it They seek firms with a robust operational area where particular attention should be may be more effective to concentrate on risk infrastructure and in the financial paid is that of corporate hospitality. higher frequency, lower value risks. sector; government pressure on regulators Similarly, US Foreign Corrupt Practices Risk management has always been at will continue to see increased regulation in Act, which engulfs everything linked to US the forefront of my professions (Royal the area of risk. and tax reporting (FACTA, FBAR etc) are Navy and Barclays Wealth). Both the Many have expressed views that there all subject matters that should be Ministry of Defence and Barclays Wealth, is a need for improvement in risk considered. implement risk policies and processes that processes in firms globally. Whilst Barclays As for the future of risk management, set out parameters within which the Wealth and other large institutions have it has been suggested that, of all the business must operate. These parameters already established clear risk management changes that have swept through the are defined by an individual organisation’s objectives and have well structured financial industry since the crisis, it is the risk appetite. strategies in place, other firms may not area of risk management where change Any firm will achieve this through the have the resource to place such has been most acute. Risk management is identification, assessment, and importance on this area. positioned firmly at the forefront of the prioritisation of risks followed by the financial sector but applies to businesses application of resources to minimise, Current instability across all sectors. The head of The Risk monitor, and control the probability and So what has impacted businesses in the Management Association in the UK impact of unfortunate events. past? Few people would have envisaged recently commented that, “Risk twelve months ago headlines like those management is not just about process, it’s So what should businesses seen on the devastating disaster in Japan. about culture and needs to be embedded do to manage risk? What of the impact on markets and driven from the top’’. They should ensure that their risk model globally with expected costs to be around As we begin on the road to economic adds value, is an integral part of the 3% of GDP (JPY 15 TRN). Middle recovery, we move closer to the next organisation and is part of the overall Eastern unrest and the uprising of rebel period of growth, so we need to be decision making processes of the firm. forces in Libya has led to United Nations prepared to anticipate both the risks and Their model should be tailored and (UN) intervention, the creation of a No opportunities it will present.
14 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com SUPERYACHTS
motoryachts could ring up €20,000. Crew don’t come free either. And berthing fees…Capri can cost €2,900 a day and St. Smart Sailing Tropez €1,300. For a superyacht of around 30 metres, Ocean Village is “a Fractional Ownership Spotlight: Part 2 steal” at £90 a day in high season, while even thriftier have-yachts are discovering Like NetJets, except at sea, fractional yacht ownership Morocco’s Marina Smir, a quiet, modern, friendly “boutique harbour” near Tetuan. offers all the joys of cruising the Med in your very own Fortunately for non-members of the Benetti…without the sinking price tag. With Gibraltar a billionaire boat club, companies such as rising star within Europe’s yachting arena, Fiona Klonarides Yacht Plus, Smart Yacht, and Curvelle all spotlights the smart ways to share a superyacht. specialise in luxury yacht sharing. Swiss company Floating Life estimates eighty per t’s where the Atlantic meets the rising star of Europe’s yachting arena now cent of large yachts end up on the charter Med, it’s the stopover for competes with the most established market after four years, and while owners megayachts on the milk run marinas across the Mediterranean. It might replace them with newer, more Ibetween the Med in summer and hosted last year’s Gibraltar Boat Show expensive models, the fractional Caribbean in winter, and it’s just which returns again next year. alternative makes part-owning a smart fourteen miles from Africa. Brian Stevendale, Business and yacht - without the très cher price tag – Gibraltar may be small but she’s Development Director at Ocean Village, more viable. perfectly placed. Her reputation as a safe has seen a surge of interest in the luxury haven in the broadest sense of the word waterfront homes there and with berth Yacht Plus precedes her, her maritime history runs space at a premium across the If the sleek teak-detailed superyachts on deep, and her marine fuel happens to be Mediterranean its new Premier Berths are Yacht Plus’s website look familiar it’s the cheapest in Europe. Where better to in demand. Owning a home at Ocean because the three identical 41-foot stop off, refuel and stock up on some tax- Village comes with the ultimate status Norman Foster-designed, Italian beauties free spirits for a few sunset G&Ts on the symbol – berth space for the megayacht. by Foster + Partners stole the show when deck of your 60’ Sunseeker Predator? “Gibraltar attracts many multi- Yacht Plus launched them within its national investors, thanks to fractional programme recently. With 30% the Rock’s low-tax more space than a similar sized yacht and environment,” he explains. oozing dolce vita style, Ocean Pearl, “We have an elite set of Ocean Emerald and Ocean Sapphire are a individuals from Russia and head-turning trio. Saudi Arabia, others are new Yacht Plus’s fractional ownership residents relocating here for costs from €950,000 for an eighth share, work. Individuals who have giving 30 days’ exclusive sailing use a year come into a large sum of on one of the three sister yachts. The money, perhaps following an season starts in April in the Med, finishing inheritance or IPO, come the following March in the Caribbean. here, while many wealthy There are three periods: Peak local Gibraltarians have Mediterranean (mid-June to late August, 9 purchased with a view to the nights); Off Peak Med (late April to mid In demand - the Premier Berths at Ocean Village lucrative buy-to-let market.” June, and September to early November, 2 The Rock has attracted sailors for More fun than property and more x 6 nights); and Caribbean, mid December centuries. Lord Nelson dispatched ships to exclusive than a fast car, there’s nothing to early March (9 nights). Gibraltar for extra supplies during the like a superyacht for escaping southern Yacht Plus CEO Niccolo Arnaldi Battle of Trafalgar and it’s a main staging Spain’s busy beaches. The tangible delight says, “We have combined a contemporary, point en route to India. The Greeks, of anchoring in secret bays others will Foster + Partners designed luxury yacht Phoenicians, Visigoths and Romans have never find…and as you sip a well mixed with the first successful fractional all passed through but the name mojito, lights twinkling along the distant ownership program for large superyachts. “Gibraltar” stuck when chief Tarik Ibn shoreline, the views from back on land The concept is a logical way forward for Zeyad left his stamp on The Rock when look almost ordinary by comparison. those wishing to have personal ownership the Muslims invaded Europe. Out went You’ve bought your superyacht, now of top-end luxury products. People are the old name “Mons Calpe”, in came what are the running costs? Around ten realising they only use a yacht for a few “Jebel Tarik” meaning “rock of Tarik”. per cent of the yacht’s initial value each weeks or a month per year and don’t want These days, Gibraltar’s smartest year according to experts. Unlike a spin to be landed with costs for the entire marina development attracts an equally along Sotogrande in a Ferrari, a ten hour year.” international crowd. Ocean Village, the cruise on one of the most powerful Continued page 18
16 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com SUPERYACHTS
Smart sailing from page 16 buy value, rather than squandering money Mirroring the multi-national profile on something they’re not using,” she of investors in Gibraltar itself, Yacht Plus explains. “So compared to owning a is drawing Asian and Latin American whole yacht or chartering a vessel, luxury buyers as well as those from the UK, shared ownership is a viable solution at Europe, USA and Hong Kong - all drawn literally a fraction of the cost.” by the reduction in hefty maintenance costs. Curvelle Annual management fees include Curvell has one of the most flexible yacht The world's your Oyster 72 lifestyle management service, a crew of share programmes on the market. seven, management, maintenance and Marketing Director Luuk V. van Med or Caribbean. Fast, comfortable and trans-oceanic crossings. The eight year Zanten says clients are mainly High Net with three generous double cabins, she contract includes a two year break clause Worth Individuals, experienced yacht takes up to six adults and two extra and at the end of the period the yacht can owners who see the value in co-owning a children. The cost? A cool £3 million. But be sold on the open market; owners much larger yacht than they’d otherwise if you have £750,000 to spare, quarter receive full pro-rated sale proceeds less be willing to splurge on, and shared shares are available and Marine Baker can expenses. ownership can offer “better value” than finance up to £500,000. Running costs are charters. £60,000, covering crew, maintenance, Smart Yacht “Not only do we have an excellent insurance, deliveries, etc., and owners can Smart Yacht are currently offering quarter scheduling system, clients are attracted to offset part of the costs by chartering some shares of an “as new” 2006 Sunseeker 66 our programme because compared to weeks at £15,500 a week. with just 480 engine hours on it for charter, the break-even point is ten days,” Mario Budwig of Baker Marine £197,500, based in Antibes. (Sunseeker he says. “After that point it makes more points out, “Most people who own a was one of a number of big names at last financial sense to enter into our Curvelle yacht of this size rarely have the chance to year’s Gibraltar Boat Show). fractional ownership programme.” use it for more than eight weeks each, so The Smart Yacht collection starts at A one-eighth share of Curvelle’s our programme offers all the enjoyment at 50’ upwards, in various locations Quaranta is €1.1 million and running a fraction of the capital cost.” including the south of France, Mallorca costs are €175,000 per share entitling each and Sardinia. Four owners share costs of owner to five weeks’ sailing each year: Ocean Village purchase and maintenance, there’s a fair three in the Mediterranean, two in the Thanks to new developments like the Caribbean. Curvelle yachts come with a luxury marina homes at Ocean Village, crew of six. Gibraltar has become a summer favourite The Curvelle 33’ Catamaran Motor in yachting circles. In peak season, Yachts are elegant, modern and won’t Gibraltar’s marinas turn away up to a attract the paparazzi - ideal if privacy is a hundred boats a day – low costs, tax priority. Designed for stability they’re breaks and excellent amenities give more economical than similar models, Gibraltar an edge on many of its providing around fifty per cent more competitors. Yachties, meanwhile, can living space than a comparable monohull. count on buying goods for their boats If light, space, stunning multi-window sea VAT-free, fuel costs 40% less than next views and extra decks float your boat, door in Spain, and as British owners A sleek, chic Sunseeker 66 Curvelle ticks all the boxes. know, stocking up on onboard treats at and flexible usage allocation with a three- Morrison’s “on the Rock” is one of life’s season calendar system and owners can Cookielicious small but essential luxuries. On a more also charter their yacht to help offset If smooth sailing is your style, this technical note, as a Port of Registry costs. Key features include secure delicious Oyster 72 sailing yacht can be all Gibraltar is efficient, has no restrictions on ownership and there’s no time limit on the yours for eight sun-soaked weeks in the size or tonnage and offers Cat 1 Red duration of ownership. Ensign Group status. Superyachts Verena Stattner, Head of Sales at welcome. Smart Yacht says that although fractional And after a stay in Gibraltar’s safe yacht ownership is very new in Europe harbour, when the times comes to set sail compared to the US, she has seen to a warmer winter home, there’s always European interest in motor yachts remain Africa, just across the water. high despite the downturn. With interest www.gibraltarberths.com in the fractional lifestyle growing, she sees www.oceanvillage.gi significant untapped potential within the www.yachtplus.com yacht industry. www.smartyacht.net “Wealthy people still want to enjoy a www.curvelle.com luxurious lifestyle but they are still keen to Suite dreams onboard a Curvelle Catamaran www.cookie72.com
18 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com GAMING
Land based move More of a gamble The entrance of “land-based” casinos has moved ahead with Harrahs agreement Global on-line gaming is estimated to be with 888’s Dragonfish being approved by worth approaching US $20bn and rapidly the Nevada Gaming Commission in March, spurring other casino owners to growing – despite the worldwide enter the ring. recession – so it’s little wonder that it Steve Wynn has a partnership (subject has attracted the attention of investors, to approvals) with Pokerstars to both support federal egaming legislation in the affected companies, and countries US and create an online poker site when interested in protecting home markets legislation is enacted. Archie Watt, KPMG and/or Regulating the sector’s activities. senior manager The other major poker site that accepts US players, Full Tilt Poker, has n short it’s a dynamic and rapidly legislation seems to be perpetually entered a similar partnership with the growing market, particularly since thwarted. Iowa is following a similar founders of Nevada-based Station some of the biggest potential markets approach to New Jersey and a decision of Casinos. I— such as the US, China, Japan, and the State Senate is awaited on whether The conclusion is that in continuing South Korea — still prohibit many forms that Bill will get to Republican Governor to accept deposits from US players, site of gambling over the Internet. Terry E Branstad. owners may not be automatically barred Even within the EU, the picture is Finally (for the moment), probably from gaining licenses in the US. It is likely very mixed. Access by remote e-gamers to the least surprising news is that Nevada is that other Nevada casinos are considering several countries is becoming more open, also looking to introduce online poker similar moves. governments recognising the potential for legislation. In summary, while there Globally, industry consolidation growing tax revenues, as much as the need appears to be some progress in some parts finally is happening. The merger of to ensure good regulation. of the US, there is no certainty that any Gibraltar licensed operators bwin At end March, KPMG held an State will successfully introduce legislation Interactive and PartyGaming in March e-gaming Summit in Gibraltar to provide prior to election year in 2012. created by far the largest online operator an overview on growing international in the world. Further possible mergers Regulation and how it will impact on the Deregulation mixed have also been mooted, with Ladbrokes leading internet gaming companies However, deregulation of other markets reportedly reviving its interest in 888, and represented on The Rock. In short the continues, with Italy licensing poker ring an Israeli news source indicates that seminar concluded that Gibraltar had “a and casino games, while France eventually Playtech may also be interested. rock solid future” in the sector. opened up its market last year, though the Another on/off/on merger joins A year ago KPMG published its large number of licences made available Sportingbet and Unibet; very brief talks ground-breaking “Online Gaming – A combined with the tax levied, makes it initially went nowhere but rumours Gamble or a Sure Bet? Report”, which difficult to see how many operators can continue this year. Operators are actively amongst other things, looked at the operate viably there. pursuing merger opportunities, but given potential of the US and other emerging Elsewhere in Europe, the Netherlands the reluctance of banks to lend, any deal markets and deregulation of others, the continues to protect its casino monopoly would have to be on the basis of either emergence of traditional “land-based” (at least until it can be sold) through the internal cash reserves or a swap of paper. casinos, growth in Bingo and mobile introduction of a licensing regime, gaming, and industry consolidation. Denmark is struggling to implement its Saviours own legislation, Spain has a draft Bill in Bingo continues to be the saviour of many US still slow progress, (albeit with growing numbers of of the online operators, with 888’s results In the US there is no sign yet of Federal amendments), and in March Poland issued at the end of March making clear legislative action; instead it’s happening at started its process of what many that its acquisition of Wink Bingo had State level. commentators label “controversial” been very successful. One of the first to move was New legislation. Other bingo operators are currently Jersey, though the progress of the Bill Further afield, China continues to issuing their results for 2010 and all permitting intrastate online gambling clamp down on the flow of money to and indications are that this is one of the few appears to have stalled (with the Governor from gaming operators, significantly areas where continued double digit Chris Christie vetoing the Bill which had hampering the growth of business. percentage growth is being experienced. both State Senate and Assembly support). In summary, we continue to see Social gaming however, still seems to Other early States were California increasing fragmentation in Europe, with be problematic. It’s not that there are and Florida, where legalisation of operators required to maintain a physical insufficient players for the operators, more intrastate poker continues to be discussed presence in many separate jurisdictions, that many players are too young to at length, but attempts to introduce and no clear movement anywhere else. Continued page 22
20 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com GAMING
More of a gamble from page 20 gamble and it is proving very difficult to convert valid-age players from free play to pay-play! Mobile gaming seems to be 2010’s biggest success. At last, gaming on mobile phones appears to have taken off with the advent processed through mobile phone bills. Internet penetration in Latin America of more feature rich smartphones and the In terms of emerging markets, about by 2009 was 32.1 per cent, reaching over introduction of applications for Apple’s the only good thing that came out of the 182.7m people, with a growth rate of 30 iPad and iPhone, as well as Androids. Pakistan spot-fixing scandal was the per cent a year. If both legal and illegal The European Commission has also recognition from cricket authorities that a gaming activities were combined, it is recognised the likely growth of this world where gambling is regulated is likely that the Region would generate over medium; it commissioned a study on the much better than one where it is not! US$150bn a year. projected increase in the three main Haroon Lorgat, chief executive of the Clearly, the online gaming sector categories of remote gambling, with the International Cricket Council, has said continues to develop internationally and results published in its green paper in late that he and colleagues have been urging to mature. While there will be a growing March showing the mobile phones sector the Indian government to legalise cricket fragmentation of regulation, this must likely to have seen the largest rise - 450 gambling. eventually change with mutual recognition per cent – over the nine years to 2012 Elsewhere, Researchandmarkets.com of consistent high standards. (See Chart). published its “Latin American Gaming & As one of the blue chip regulated Gambling Report 2011” with a country European jurisdictions, Gibraltar is well A mobile future by country analysis of statistics and placed to continue providing a lead and a In summary, it looks as though the age of potential. The telecommunications sound base from which to operate. mobile gaming has finally arrived, and infrastructure, including broadband and new and exciting developments are to be mobile internet, provides huge potential by Archie Watt, KPMG senior manager expected in the future, including the for Internet and Interactive TV gambling based in Isle of Man and Gibraltar with potential for micro payment deposits to be applications. special responsibility for online gaming
22 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com OFFICE DILEMMA Office famine prompts renewed speculation on State investment Gibraltar is being seriously hindered in its aim to attract been revealed, but nothing then happened. businesses by the lack of a significant amount of office The problem has been raising the space in which to establish operations on The Rock, £120m needed to build on the formerly government-owned and now largest reports Ray Spencer. development site remaining in Gibraltar, he government sees the time because we don’t have sufficient office given severe cuts in bank lending and rel - looming when it must finally act space readily available for them – off the atively high interest rates for any money to remedy the situation. Having shelf.” that is made available. Tintroduced amongst the lowest There was a need for modern offices Similarly, the long-promised 200-bed - business taxes for any significant finance to be built and waiting for the newcomers, room 5-star Hilton Hotel, which also centre in the European Union – Gibraltar’s he felt. But so far, none of the projected includes significant office space in a sepa - 10 per cent compares with Ireland’s 12.5 large schemes have begun to be built; nor rate building on the 5,000 m2 Royal per cent and the UK’s 20-28 per cent, for have any achieved detailed planning Gibraltar Yacht Club site, has yet to example – and cleared its historic negative permission! It will take a minimum two progress. A start to building the most ‘tax haven’ label as a result of eliminating years for any such projects to be ready for promising of the new ventures – a World Zero Tax for some businesses, the occupation. Trade Center (WTC) development as part jurisdiction might expect firms wanting to The largest project – the MidTown of Ocean Village –was supposed to be in move out of the UK in particular, to development of four office blocks totaling Spring, but now seems stalled. choose The Rock. 38,000 m2 – has been on the cards for But as a frustrated Peter Caruana, the years; outline planning permission was Deadlines given Chief Minister, revealed to me in March: gained in September 2008, just as the Gibraltar International understands that “I am convinced that we have lost several worldwide international banking and both projects have been set deadlines by large firms that have considered Gibraltar, finance crisis hit. Twice a start date has Continued page 26
24 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com OFFICE DILEMMA
Office famine from page 24 Butcher, as a 10,600 m2 Business Plaza, commitment soon, Caruana is likely to Caruana to demonstrate finance is in for which he gained planning permission agree to investment directly in the place and that building will quickly in September 2008 on land Butcher Midtown project, a move flagged in last proceed. already owns at Marina Bay, is now being June’s budget. A spokesman for UK property fronted as a much larger 17,000 m2 office Known to be reluctant, effectively to developer Squarestone’s hotel project on block after he secured the marketing go into competition with the private government land that might otherwise be licence to establish it as a WTC last sector, Caruana said lack of offices was developed by others, was “quietly autumn. “an obstacle” that was “curtailing our confident” that the project, which has It is believed Butcher has sufficient economic growth and development”. been three years in the making, will capital available without resorting signifi - Last year, the Government was nego - progress, whilst admitting “various dead - cantly to bank finance. But he is “negoti - tiating “to become a majority shareholder lines have come and gone”. ating” with Gibraltar’s Government over in the development of the first MidTown He said: “We are not in a position to the larger size of the building and other phase, thus ensuring that taxpayers get announce anything at this time. It’s a aspects of his giant Ocean Village Marina their fair share of development profits”. complex deal with many different parties before committing to start the WTC That would mean an investment of up to involved. Debt financing is a nightmare in project. £30m and it remains in prospect! Gibraltar at present”. A model of the latest WTC Gibraltar In the meantime, a £122.8m fossil In reality, the £45m Hilton project is design featured in March at a Cannes fuel electricity generating station is being not sufficiently large to make a big commercial property show at which “a built at The Rock’s Lathbury Barracks, in difference to the jurisdiction’s office space large, internationally known business new 2013 frees up land occupied by the issue, (though it would provide a welcome to Gibraltar has agreed to take substantial present elderly GibElec power plant. boost to another of the pillars of the terri - space”, according to Brian Stevendale, That site, and the adjacent AquaGib tory’s economy, tourism)! WTC development director. desalination plant – a combined area He is confident that “any outstanding similar in size to MidTown – is earmarked Bigger project obstacles can soon be resolved and the in Gibraltar’s Development Plan for mixed The Gibraltar WTC project – originally project certainly will proceed”. use of offices, warehousing and storage, conceived by property entrepreneur Greg However, in the absence of any firm with possible residential too. BUSINESS BUSINESS An oasis... Gibraltar House on the political lobby front, reality that ISOLAS is a announce its recruitment of in New Hands and I am therefore delighted leading funds-related legal Djamal Marcel Adib to the Significant changes have taken that he will continue in this services provider in Gibraltar.” position of Stockbroker and place at Gibraltar House in role.” “We’ve been happy to spread Investment Manager. London. Until recently the word to clients and Born to a Persian father Gibraltar House was a ISOLAS Best Gibraltar partners alike, thanking them and a German mother, Djamal privately managed company, Law Firm for Funds for continuing to do business was raised in Germany but Directed by Albert Poggio FundDomiciles.com hosted with our funds team and studied abroad graduating in a busy world OBE. But on the 1st April their annual Global Funds engaging in a dialogue about with a BSc in Economics from 2011, it changed hands to conference at the Chesterfield the future of the funds industry Maastricht University. Djamal become a Gibraltar Hotel in Mayfair, London, in Gibraltar.” continued to study at EDHEC bedrooms Government where law firms from Business School and Harvard GAGO’s foundation course at Gibraltar Finance Centre 104 Bedrooms and suites in a colonial managed and each of the leading Hassans Come Top University and later graduated style all with a sea view owned company. funds jurisdictions Again with an MSc in Finance. Compliance Officers (GACO). the course is fully funded by conference facilities But perhaps were recognised. While studying in GACO is an Association GACO, we are extremely Full upgraded conference facilities the most ISOLAS won the France, Djamal founded a that seeks to promote the grateful to the Department of available for board meetings, training significant award for Best student hedge fund called exchange of views and the Education and Training, and in courses and presentations change, due to Gibraltar Law Firm “Candeo Investments” professional development of particular their minister Mr Internet the fact that he for Funds. which closed in 2009 with officers engaged in the Beltran as well as Mr Darren FREE Wireless broadband available wishes to slow Among the a return of ca. 50%. performance of a compliance Grech, for embracing the throughout the hotel and an internet down his work criteria for winning Prior to working as a function within the Gibraltar project and identifying the room for our guests to use load, is the Albert Poggio this award is a broker at GAM, Djamal Finance Centre. tutors who are delivering the weddings stepping down “tremendous job” “qualitative course, namely Michelle Soiza, The Rock is an ideal wedding venue of Albert Poggio after 24 years assessment of providers in Javier Diaz, Juan Carlos Diaz whether it be a small intimate wedding at the helm of Gibraltar House Gibraltar by managers and James Levy QC ‘Star Individual’ and Keiran Williamson. or large family gathering. We are also a recognised venue for civil marriages – his position as Head is now other service providers”. “By running the pilot we and ceremonies can now be conducted taken by Civil Servant Peter Gibraltar International Hassans International Law Business are ensuring that the tutors are in various parts of the hotel Canessa. Mr. Poggio has been Magazine spoke with Joey Firm have once again been comfortable with the material Swimming Pool appointed instead, on Garcia, Senior Associate at ranked No 1 in the and to get feedback from the Outdoor swimming pool with pool consultancy terms, to continue ISOLAS about what winning independent legal directory, ROUND UP students, totaling 20 attendees side bar and pool side menu. We with his political lobbying role the award has meant to them. Chambers Global 2011. in all.” welcome private pool membership, for the Gibraltar Government. “Winning the award is Chambers and Partners, Once the pilot programme our lido club, with private pool hire for parties and barbecues In this capacity, he will something we are obviously publishers of Chambers Global completed internships at Bank “We have received very is completed, the intention is continue to maintain and very proud of, mainly because 2011, are acknowledged of America, Merrill Lynch and positive feedback to date from to run the course once or twice Restaurant develop relations with it is currently the only award leaders in the publication of Goldman Sachs in London. members who have employees a year in spring and autumn. The restaurant has stunning views Parliament, UK MPs, Local issued in respect of Gibraltar Legal Directories. Considering his undergoing the pilot For people already over the bay. Our “house” menu is excellent value for three courses Authorities and political in a funds context.” he tells us, Chambers and Partners new position, Djamal run as well as from working within the financial including an aperitif Manzanilla, parties. “As a firm, ISOLAS has select firms for rankings based says “I really love my the students from sector there is an additional olives and coffee. A full á la carte “The office is a lot busier worked very hard at on a 3 step process: job at GAM. It Bayside benefit to attending the course. menu along with a superb eclectic wine list is also available now than when I first started,” developing the funds l submissions put forward by allows me to analyse Comprehesive, “The Financial Service Mr. Poggio told Gibraltar department, with a strong legal practices markets, create Westside School and Commission (FSC) have wisteria terrace International. ‘We have a lot focus having been placed on l client interviews during the trading strategies and the Gibraltar College secured Continuous The Wisteria Terrace for lunches, dinner, barbecues, afternoon teas, of responsibility in areas such delivering up-to-date solutions course of research to manage portfolios. of Further Education Professional Development evening drinks and informal dining as Tourism and Finance that and advice.” l their own database I also enjoy the who are attending (CPD) accreditation for require a larger team. I wish “Winning the award was resources. personal contact I Djamal Marcel Adib the course.” Mr modules 3 and 4 from Barbary bar to thank the Chief Minister for a validation of this effort and In addition to their No1 have with my clients. Perez tells Gibraltar international institutes of Barbary Bar and terrace for a relaxing drink and for the wine his total support over the last has helped to cement the Ranking, Senior Partner, James The atmosphere at GAM is International Magazine. which their staff are buff, a choice of nine wines by 14 years.’ Levy QC received a ‘Star great and we share a strong Launched on March 22nd members.” says Mr Perez, the glass Commenting on these Individual’ ranking (the only team spirit!” at the Gibraltar Finance Centre “This means that these Lounges changes, Chief Minister Peter Gibraltar lawyer to do so). by Education & Training institutes will accept that the Take a good old fashioned English Caruana said: “Albert has This ranking is given to Foundation Course Minister Clive Beltran, the time students spend on those tea in one of the spacious lounges done a tremendous job over lawyers with exceptional in Gibraltar Financial course is designed to introduce modules will contribute to many decades, culminating in recommendations in their field. Services attendees to the fundamentals whatever their annual training the successful implementation The launch of the ‘Gibraltar of financial services. requirements are - set by the of the project to establish a Gibraltar Asset Association of Compliance It has been organised as relevant institution. new Gibraltar House at 150 Management Officers Foundation Course’ evening classes of This is extended to any Europa Road, Gibraltar Strand of which we can all be - New Appointment has got off to a good start says approximately 2 hours each other member of those Tel: +350 200 73000 justifiably proud. Some of his Gibraltar Asset Management Ivan Perez, Chairman of the for 10 weeks. institutions who may be doing Fax: +350 200 73513 Joey Garcia - senior associate E-mail: [email protected] most important work has been (GAM) Limited is pleased to Gibraltar Association of Mr Perez adds, “Although the course.” www.rockhotelgibraltar.com
28 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com www.gibraltarinternational.com GIBRALTAR INTERNATIONAL 29 CONTACTS
Professional Bodies based in Gibraltar Association of Pension Fund Administrato rs (APFA) Gibraltar Finance Centre Council (GFCC) Steven Knight, Chairman, Tel: + (350) 200 40466 Kerry Blight, Chairman, Tel: + (350) 2000 4000 Email: [email protected] Email: [email protected] Association of Trust & Company Managers (ATCOM) Gibraltar Federation of Small Business (GFSB) Nick Cruz, Chairman, Tel: + (350) 200 50418 Stuart Rodriguez, Chairman, Tel: + (350) 200 47722 Email: [email protected] Email: [email protected] Bar Council Gibraltar Funds & Investments Association (GFIA) David Dumas, Chairman, Tel: + (350) 200 59026 / 79075 James Lasry, Chairman, Tel: + (350) 200 79000 Email: [email protected] [email protected] Email: [email protected] Gibraltar Association of Compliance Officers (GACO) Gibraltar Insurance Association (GIA) Ivan Perez, Chairman, Tel: + (350) 200 73520 Chris Johnson, Chairman, Tel: + (350) 200 75326 Email: [email protected] Gibraltar Insurance Institute (GII) Gibraltar Bankers’ Association (GBA) Andy Baker, President, Tel: + (350) 200 79520 Emma Perez, President, Tel: + (350) 2000 2000 Email: [email protected] Email: [email protected] Gibraltar Society of Accountants (GSA) Gibraltar Betting & Gaming Association (GBGA) Stephen Reyes, President, Tel: + (350) 200 41200 Freddie Ballester, Chairman, Tel: + (350) 200 40595 Email: [email protected] Email: [email protected] Society of Trust & Estate Practitioners (STEP) Gibraltar Chamber of Commerce (GCC) Peter Isola, Chairman, Tel: + (350) 2000 1892 Nicholas Russo, President, Tel: + (350) 200 78376 Email: [email protected] Email: [email protected]
30 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com