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Gibraltar 2016 HFMWEEK SPECIAL REPORT GIBRALTAR 2016 FLEXIBILITY Adapting to the needs of the industry COOPERATION Working to create a stronger jurisdiction SKILL Availability of expertise and services FEATURING Argon Financial // GFIA // Gibraltar Finance // Gibraltar Stock Exchange // Hassans // ISOLAS // Nexus Fund Administration GIBRALTAR 2016 INTRODUCTION Published by Pageant Media Ltd LONDON Third Floor, Thavies Inn House, 3-4 Holborn Circus, London, ibraltar’s position as a European finance centre EC1N 2HA continues to evolve and develop as a true alternative T +44 (0) 20 7832 6500 within Europe. Jurisdictions across the world are now NEW YORK adapting or introducing legislation that seeks EU 200 Park Avenue South Suite equivalence, attempting to secure EU access from a 1603, NY 10003 fund distribution or investment services perspective. T +1 646 891 2110 Gibraltar is a fund and investment services domicile providing a European passporting solution and access REPORT EDITOR within an EU compliant framework. Mike Sheen Changes to regulatory frameworks across multiple jurisdictions seeking T: +44 (0) 20 7832 6628 equivalence are important, but ‘third country’ access to Europe in respect of [email protected] G AIFMD or MiFID II is far from clear. What the changes show is that there will HFMWEEK HEAD OF CONTENT continue to be less and less regulatory arbitrage between different jurisdictions Paul McMillan and a narrowing gap between non-EU and EU jurisdictions in this respect. T: +1 646 891 2118 Gibraltar offers a secure, safe and typically low-cost jurisdiction that keeps [email protected] complying with the full weight of European regulation, which can enhance from the full range of benefits. Consider the A.M. Best country risk tier for HEAD OF PRODUCTION Gibraltar, which provides a CRT rating of one and a better rating than many Claudia Honerjager other international finance centres. This rating denotes the lowest possible level of economic, political and financial system risk. SUB-EDITORS Luke Tuchscherer, Mary Cooch, Alice Also consider Gibraltar’s OECD report on transparency and exchange of Burton, Charlotte Romeyer information where the city received the same largely-compliant rating as the UK. This is of course critical to Gibraltar’s future and being on the front foot in GROUP COMMERCIAL MANAGER terms of compliance and international standards has been a strategic direction. Lucy Churchill This means Gibraltar is able to offer a European, fully-compliant framework, T: +44 (0) 20 7832 6615 within a VAT exempt territory and extremely competitive rates of individual [email protected] and personal tax. This is backed by a pro-active and engaged regulator, which has also been heavily invested in over the last few years. HEAD OF BUSINESS DEVELOPMENT The Gibraltar Finance Centre also strongly supports and assists the Gibraltar AMERICAS Tara Nolan Funds and Investments Association (GFIA) and the Gibraltar industry in its T: +1 (646) 891 2114 efforts to develop the city in this space. Recent trips to Singapore, Hong Kong [email protected] and Geneva are beginning to bear fruit as managers start to plan for the long- term. Meanwhile Swiss managers begin to see the changes to their own asset PUBLISHING ACCOUNT MANAGERS management industry, placing the classic independent asset manager model Amy Reed under regulatory pressures for the first time. These managers are not necessarily T: +44 (0) 20 7832 6618 able to secure access to the EU under third country provisions provided by [email protected] MiFID II, which will introduce additional requirements before they are able to Alex Roper offer their services in Europe. Gibraltar offers a tried and tested solution, which T: +44 (0) 20 7832 6594 [email protected] is likely to be faster and cheaper to establish and operate. David Butroid Similarly, in an AIFMD context Gibraltar can act not only as a domicile for +44 (0)207 832 6613 the AIFM and the AIF, but is also one of the few smaller jurisdictions that has [email protected] a selection of AIFM depositaries based within the jurisdiction to service such AIFs. Something that will become a requirement from 2017. CONTENT SALES Gibraltar continues to offer a very strong value proposition and, as an Tel: +44 (0) 20 7832 6511 association, GFIA continues to evolve and support the growth of the industry. [email protected] CEO Charlie Kerr Joey Garcia Chairman, Gibraltar Funds & Investments Association, for and on behalf of the GFIA Executive: James Lasry, Moe Cohen, HFMWeek is published weekly by Johann Olivera, Benjy Cuby, Carlos Martins, Jay Gomez, Jordan Pageant Media Ltd ISSN 1748-5894 Ramagge. Printed by The Manson Group © 2015 all rights reserved. No part of this publication may be reproduced or used without the prior permission from the publisher HFMWEEK.COM 3 GIBRALTAR 2016 CONTENTS PRIME BROKERAGE FINANCIAL SERVICES 06 PRIME BROKER REPRICING PRESENTS 14 A SOLUTIONS-DRIVEN JURISDICTION OPPORTUNITIES FOR SMALLER PROVIDERS Jonathan Garcia, senior associate at ISOLAS, explains how Simon Brown, CEO of Argon Financial, talks to HFMWeek about the Gibraltar’s fund industry is serviced with flexibility and competence impact of prime broker repricing and what Gibraltar has to offer the industry FINANCIAL SERVICES 17 EU ACCESSIBILITY: EXCHANGE TRADED LEGAL INSTRUMENTS 08 BUILDING A PASSPORTABLE EUROPEAN FUND Philip Young, marketing director of GSX Limited, explains the variety James Lasry of Hassans talks to HFMWeek about the realities of and versatility the Gibraltar Stock Exchange can offer marketing hedge funds in Europe and how marketing needs affect your choice of jurisdiction ACCOUNTING 20 CONTINUED GROWTH FINANCIAL SERVICES Moe Cohen, CEO of Benady Cohen & Co Group, Chartered 11 MAINTAINING A STRONG JURISDICTION Accountants including Nexus Fund Administration, talks to Philip Canessa, senior executive at Gibraltar Finance, talks to HFMWeek about the growth of Gibraltar’s fund industry and what HFMWeek about how Gibraltar supports its hedge fund industry the jurisdiction has to offer funds 4 HFMWEEK.COM When it comes to funds... ...Hassans leads the way International Lawyers In recent years, the fund industry in describe the department as a “Rolls-Royce Gibraltar has seen rapid and impressive investment funds practice...led by James growth. Gibraltar is now a serious option Lasry, a leading investment funds lawyer for individuals and companies considering with first-class knowledge of the local where to base investment funds. and wider market”. (EMEA 2014 Edition) Hassans has been at the forefront of this Hassans is fundamental to any fund being development and in 2004 became the first firm in Gibraltar to set up a funds practice, set-up in Gibraltar whether Private, EIFs, quickly establishing itself as the “go to” firm. Non- UCITS Retail Funds, UCITS Funds or Protected Cell Companies. Hassans is ranked as the sole leader for Investment Funds by Legal 500 and EMEA Hassans - 75 years in Gibraltar. TAX PLANNING • CORPORATE & COMMERCIAL • FINANCIAL SERVICES • FUNDS • LITIGATION • PROPERTY • TRUSTS www.gibraltarlaw.com 57/63 Line Wall Road, PO Box 199, Gibraltar. +350 200 79000 • +350 200 71966 • [email protected] GIBRALTAR 2016 PRIME BROKER REPRICING PRESENTS OPPORTUNITIES FOR SMALLER PROVIDERS SIMON BROWN, CEO OF ARGON FINANCIAL, TALKS TO HFMWEEK ABOUT THE IMPACT OF PRIME BROKER REPRICING AND WHAT GIBRALTAR HAS TO OFFER THE INDUSTRY HFMWeek (HFM): Th ere is a growing trend of prime And in many cases an increasing trend has emerged of broker repricing occurring at the moment and costs prime brokers kindly asking funds and other corporates to are increasing as a result. What do you see at the main look for alternative prime broker relationships. cause of this trend? Th is problem is tough enough if you are already a client Simon Brown (SB): Undoubtedly, the primary cause of of one of the larger prime brokers. New applicants are of- this trend of prime broker repricing is the Basel III regu- ten asked to jump through many more hoops before their Simon Brown is latory framework on bank capital application is considered, with CEO of Argon Financial. adequacy, stress testing and mar- minimum balance sheet require- His career in the financial ket liquidity risk. Th is framework ments of more than $20m not un- markets has spanned contains a set of buff ers, capital common. almost three decades. He and liquidity ratios, which have ef- IN RESPONSE TO THE worked for 12 years as a fectively made it more expensive HFM: Do you think fund man- derivative trading specialist for the banks to conduct prime FRAMEWORK OF BASEL agers will begin to look to alter- in London followed by brokerage business; typically pro- native providers in an eff ort to 17 years building trading viding fi nancing, custody, securi- III, THE BANKS HAVE BEEN lower costs? and agency businesses ties lending, capital introduction, SB: Large bank prime brokers servicing institutional, trading systems and access to REVIEWING ALL CLIENT may fi nd themselves in a situation corporate, hedge fund and markets. Th e key reason for the where they can no longer justify high-net-worth clients. implementation of these require- ACCOUNTS TO EVALUATE providing prime broker services to Simon founded one ments and ultimately the scenario smaller funds. As a result, the mar- of the first institutional that many smaller funds and other WHETHER THEY CAN ket has opened up for smaller prime electronic derivative broking corporates are now facing, is the brokers (mini prime or prime of businesses and has been type of bank trading that occurred JUSTIFY THE RETURN ON prime), who may not be burdened CEO of Argon Financial for up to 2008/09, which in turn was by legacy technologies/systems eight years. a catalyst to the systemic collapse EQUITY (RoE) FROM THOSE and high fi xed costs, with many and banking crisis.
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