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Broadband competition – phenomenally good for business

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From 1 JanuaryJanuarryy 2018, nine principles will regulateegulate DLTDLLTT firms authorised and supervisedsupervised by the Gibraltar Financial ServicesServices Commission.

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www.gibraltarinternational.com Gibraltar International 3 Feb/March/April 2018 Volume 24 /Number 1

Contents Gaming p16 News p6 Can diversity in eGaming become a safe bet? DLT Regulations come into force Profile p20 FinTech p8 Close family encounters help ensure law firm’s progress Gibraltar at the forefront once again Investment p24 Banking p10 The route to the Capital Markets for small companies Another lap Banking p26 Telecoms p12 Gibraltar Bankers’ Association (GBA) Broadband competition – phenomenally good for business Business round up p29

Editorial Comment Spotlight on MONEYVAL

iewers of the BBC fact-based drama series, McMafia, might It is welcome reassurance that all that can be done in Gibraltar is being well be acquainted with the way financial crime, money done, but also because it will give added weight to this small territory’s claim laundering and terrorist financing have become a worldwide to be a significant player on the world stage. The Gibraltar Financial Services V issue, so will have a sense of why Gibraltar is putting such Commission sees it as boosting its credentials and, according to chief executive great effort into making sure it has fully adopted identification and Samantha Barrass, recently, she is “already detecting a growing preventive measures. confidence on the part of our counterparts in the UK and Europe” in Gibraltar Nearly two decades after Gibraltar first sought to become in its own as a strong international regulator in the context of Brexit and beyond. right, part of MONEYVAL, the international anti money laundering and Although she says there is “no competition between regulators” as they financing of terrorism compliance body, it was finally successful in 2015. work together to set and administer standards, in the private sector competition Now the territory’s systems and state of preparedness to combat those is key and as a result there are going to be trading tensions, just as is being threats are to be closely evaluated and that presents a unique opportunity experienced now in Gibraltar’s telecommunications sector. The battle over to demonstrate how the jurisdiction fares against the relevant international broadband packages that feature telephone, but also TV services the supply of standards. which may, or may not, be fully kosher, is symptomatic of a market that is small Potentially any finance centre can be exposed to bribery, corruption, and growing very little - just about everyone already is being supplied. fraud and market abuse, but for Gibraltar it is “imperative” that a positive The telecoms regulator is charged with promoting competition, but with outcome is achieved from the MONEVAL evaluation in the first quarter of no power to make it happen. By far the largest supplier of services, Gibtelecom next year and the resulting report six months later. (Gibtel), has for three years been 100% State-owned, which may or may not The planned external, in-depth examination of the territory’s result in special treatment, and there is the potential for discontent. preparedness, understanding and implementation of measures to identify Privatising Gibtel may be advisable (much as the UK divested itself of and mitigate financial crime involves not just State departments, BT), or reducing State interest to less than 50%. The government instead could regulatory bodies – covering financial services and eGaming (both distance itself by not being directly Gibtel Board members, much as in Jersey accounting for around half of the jurisdiction’s GDP) and the Office of Fair or Singapore, for example. Trading – but also a host of private sector intermediaries. Ray Spencer

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News DLT Regulations come into force By March 2018 “Tens of licence She added: “Over the last few months evaluation, [a report is expected in autumn we have had a steady stream of established 2019], will represent a distinctive calling card applications” for Distributed Ledger businesses [showing interest] from all four and an incredibly useful tool for Gibraltar’s Technology (DLT) will have been corners of the world – Asia, North and South Brexit-related negotiations with the UK.” America and other parts of Europe; some to In the GFSC 2016-17 annual report, processed by the GFSC after the look around to see what our approach is, and published in December, Dr Spencer technology was regulated in January subsequently some have set up Gibraltar emphasised: “It will also help to cement our companies in anticipation of submitting a position in the international arena, post-Brexit upporting FinTech (Financial Technology) license application.” and beyond. The importance of getting this - and broader technology - innovation right for both the organisation, as well as the Sis a cornerstone of Gibraltar’s bid to Regulatory certainty jurisdiction, must not be underestimated. attract start-up ventures, or others in Firms in Gibraltar using DLT (also known as “An important element here... is to make blockchain to relocate to The Rock as a blockchain) to store or transmit value sure we are a credible jurisdiction,” he noted. ‘centre of excellence’. belonging to others, must apply for a GFSC MONEVAL presented “a unique opportunity As Gibraltar Financial Services licence, and the outcome is to gain to demonstrate how the jurisdiction fares Commission (G FSC) specialist advisor, Sian regulatory certainty. Some applications against the relevant international standards”. Jones, explained: “The rigidity of financial involve use of virtual currencies such as It will show how financial crime is in “an services regulation becomes a barrier to Bitcoin; an eMoney firm has already been even more central position on our supervisory some FinTech business, because rulebooks authorised to offer Bitcoin debit cards. agenda and test how well we meet the are written around what is already known Jones declared: “Unfortunately, the EU expectations of our peers internationally”. and mature, and not an open book of new approach to financial advice only applies to A data collection exercise across the stuff that isn’t yet understood. With the DLT specified forms of financial instruments, not financial services sector in March 2017 framework, we are addressing something virtual currencies.” provided the basis for a specialist GFSC that to a large extent is new and unknown” Initial Coin Offerings (ICOs) – a type of financial crime team supervisory plan that start-up crowd funding also known as ‘token includes liaising with firms on high-risk sales’ – are next for world-pioneering issues. The impact is also being felt in the Gibraltar regulation later this year. “Like license applications process with an enhanced virtual currencies, the work with the due diligence methodology “to prevent government is around token sales and criminals from holding or controlling a distribution, rather than the tokens them - beneficial ownership or a management selves,” she added. “We again are leading the function within a regulated entity”. way in addressing this aspect by preparing legislation to bring that kind of investment Legislative Reform Programme advice into the regulated space. I don’t know Samantha Barrass, GFSC chief executive, of any other jurisdictions that are anything declared: “We are looking ahead to an like as advanced in regulating this space. We increased activity in the area of combatting are getting on and doing something about it in financial crime... and more effective use of Dr Jonathan The level of initial DLT applications was Gibraltar,” Jones said, by promoting market external skilled persons and inspectors” to Spencer “in line with expectations”, revealed Nicky confidence, reducing systemic risk and provide the resources needed in the medium presents the Gomez, GFSC head of risk & innovation. cutting financial crime. term.” GFSC annual “No two applications are the same – each has The moves come as Gibraltar prepares But when asked in January, a GFSC report with chief executive, its unique approach.” The GFSC encouraged for a MONEYVAL assessment of compliance spokesperson was unwilling to quantify the Samantha would-be licensees to first approach local with principal anti-money laundering and extent of financial crime activity, citing Barrass intermediary advisors – accountants, lawyers, terrorist financing international standards. “confidentiality provisions”, but confirmed etc – to get a better understanding of The 47-member State, pan-European that “a substantive area of work has been requirements and the proposed activities. organisation, will early next year examine the conducted by the financial crime team work - “We had discussions with some extent to which there is adequate legislation in ing on specific thematic reviews and sectors. applicants as part of the pre-engagement place and implementation by organisations There is no particular sector of concern. We process and came to the conclusion the such as the police, customs, intelligence have on-going enforcement cases and with activities did not fall within the DLT services, regulators and sample private sector increased powers we are able to address more framework”, he said. Jones added: “Although businesses, lawyers and accountants. issues and in turn have a higher case load of they may have considered the technical The GFSC supervision of more than 500 work.” aspects, they may not have thought through licensees of all types is central to the activity In the next year, GFSC expects to adequately the implications of being a as chairman Dr Jonathan Spencer, explains: financial services business.” “A positive outcome from the MONEVAL Continued on page 28

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FinTech Gibraltar at the forefront once again anticipated Financial Services (Distributed licensing process traditional financial By Javi Triay & Chris Davis, Ledger Technology Providers) Regulations services entities would expect. It should be Associates, Triay & Triay Financial 2017 (the Regulations ) came into force noted that one particular item which is not Services Team following the publishing of the landmark bill covered by the Regulations is that of Initial in October 2017. The Regulations, are Coin/token Offerings (ICO), a practice accompanied by guidance notes (the which has become almost synonymous Guidance Notes ) published by the Gibraltar within the business sector. Financial Services Commission ( GFSC ) in An ICO is a method which DLT December 2017 and will seek to create a start-ups use to raise funds required to initi - regulatory framework which will allow new ate its particular venture. In a nutshell, the businesses to grow and develop the use of company creates and then sells their own DLT whilst also providing a “safe space” for tokens/coins to members of the public in the potential consumers of these businesses. consideration for legal tender or other Whilst it may seem counterproductive crypto-coins. to create a regulatory framework for an industry that prides itself on being Whitepaper ibraltar’s finance sector is decentralised, the regulation of DLT is Whilst similarities can be drawn with the dynamic, continually evolving to essential to its success. The Regulations traditional IPOs such comparisons can be Gaccommodate the emergence of attempt to carefully balance the ultimate slightly misleading. ICO’s and IPO’s are new industries, technology and the goal, one that will protect consumers and actually quite different. For example, entrepreneurs, whilst always catering for the Gibraltar’s reputation as a finance centre and whereas investors to an IPO receive needs and protection of consumers. one that will create an environment allowing ownership rights in the company by Not since the emergence of the DLT related business to flourish due to its acquiring shares of the company, those who online gaming sector has a new area of enhanced reputation as a regulated entity. invest in ICO’s receive cryptocurrency business been met with such excitement in DLT’s many potential uses means that it is or other tokens issued on a DLT. Gibraltar. This time, Distributed Ledger near impossible to establish a “one size fits Moreover, unlike IPO’s, ICO’s are Technology (DLT) and Initial Coin Offerings all” regulatory framework. generally unregulated, meaning that start-ups (ICOs), are today’s buzzwords. effectively bypass the “red-tape” that would DLT is essentially a public ledger 9 regulatory principles ordinarily be required of traditional consisting of replicated, shared, and The Regulations will regulate the providers fundraising methods. synchronized digital data spread across of the services ( DLT Providers ) as opposed Where start-ups would like to raise

multiple sites, countries, or institutions. It is to the underlying technology itself, which is money through an ICO, it will typically decentralised, meaning that it functions decentralised. The Regulations will regulate create a policy paper, known as a completely peer to peer and therefore does those “carrying on by way of business, in or “whitepaper”, which typically outlines the

not rely on a centralised institution to police from Gibraltar, the use of Distributed Ledger company’s objective, the process the it (such as a government or national bank). Technology for storing or transmitting value company will undertake to meet the belonging to others” . In other words the objectives, how much the company is Not since the emergence of ‘ quasi banks (Wallet providers) and quasi seeking to raise, the utility associated with the online gaming sector bureau de changes (Exchanges). the coin/token and any rights attached to it. The Regulations require DLT Providers The ever increasing use of ICO’s has a new area of business to satisfy 9 regulatory principles within the prompted the Government of Gibraltar to been met with such Regulations. Principles such as; honesty and begin examining the way in which this excitement in Gibraltar integrity, the maintenance of financial and particular form of funding should be ‘ non-financial resources and the management regulated. Although the way in which these of business with due skill and care are but particular rules will come into play is still It’s disruptive and despite attempts from some of the principles that DLT Providers unclear, it is expected that much of the focus various authorities around the world over will need to satisfy in order to be granted a will revolve around disclosures made within time, it’s not going away. licence. Therefore DLT Providers will be the whitepapers themselves. The underlying technology has seen held to account to a high regulatory standard. With the passing of the Regulations and increased use across a variety of sectors in a In order to assist prospective applicants, the the publishing of the Guidance Notes number of countries (including but not Guidance Notes will give DLT Providers Gibraltar has officially opened its doors and limited to crypto currencies, land property examples of the standards and best practice welcomes new DLT businesses to the Rock. registries, tax systems, etc.) which would be expected of them by the www.triay.com GFSC. Landmark bill The regulatory framework and On the 1st January 2018, the much licensing procedure is not dissimilar to the

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INTRODUCING THE CRYPTO HARBOUR

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can look forward to improvements in productivity, which might open the door to Another lap higher wage settlements at long last. Third, the Organisation for Economic By Alan Mudie, head of Research and kick-start growth, pulling government bond Cooperation and Development’s latest yields down to historic lows in their wake. Economic Outlook report forecasts an Strategy, Societe Generale Private Banking This meant less income for depositors, acceleration in global growth from 3.1% in falling net interest margins for banks and 2016 to 3.6% last year, strengthening further rising liabilities for pension funds. Investors to 3.7% in 2018. This is very close to the felt compelled to stretch for returns in riskier 1990-2007 average, encouraging news categories of bonds, pushing prices higher especially given that not one of the 45 coun - and yields lower. In turn, this helped spark a tries covered is expected to contract over the long bull-run in equity markets. next three years. As has become apparent with the Finally, the United States Federal increasingly polarized political landscape, Reserve System has developed both a the benefits of the rise in asset values accrued template for normalization for other central in the main to a small number of already banks to follow – taper asset purchases and wealthy individuals, and the painful recovery then halt them, hike rates then hike again and from the crisis was mainly felt by the finally unwind securities holdings – and he outlook for 2018 looks very working and middle classes. It is hardly two guiding principles to achieve success, familiar to keen observers of surprising that non-mainstream politicians i.e. management of expectations and gradual Teconomies and markets. As was the and parties have gained such traction in implementation. For 2018, the economic case in 2017, we expect synchronized recent years. outlook suggests further normalization but growth, sub-par inflation and stimulative sluggish inflation means central banks will monetary and fiscal policy, creating a At last! be in no hurry to over-tighten policy settings supportive environment for risk assets such But at the same time as Donald Trump and – all in all, a rather benign environment. as equities. Emmanuel Macron were seizing their presidencies, signs were emerging that a Staying the course Main Street versus Wall Street healthier economic recovery was underway. When we turn to financial markets, further In the years following the Global Financial First, the long slump in global trade has similarities emerge. Corporate earnings Crisis and Great Recession, many observers begun to reverse. Volume growth averaged growth is globally robust – the combination were struck by the gap between sluggish 2.2% between 2010 and 2016, well below of low borrowing costs, negligible wage economies and booming asset markets. the long-run average of just under 5%, but growth and strong demand helped boost profitability last year and should do so again next. Strong growth and rising inflation should eventually lift the long end of the curve. Credit spreads – the difference between sovereign and corporate bond yields – are narrow and should remain so. And expansion mode in the global economy tends to favour equity markets. This being said, the economic expansion is well advanced in comparison with previous cycles, the positive backdrop described above is increasingly recognized by a broad consensus of investors and valuations across asset classes are stretched. On one hand, companies were reluctant accelerated to 5.1% in 2017. Despite worries As we embark on Another Lap of the to expand their workforce or to make new about “deglobalisation” and protectionism, economic and market track, the environment capital expenditure commitments. This the synchronized upswing in the global looks reassuringly familiar but we must be meant that many workers felt they were economy is bearing fruit. aware that the easy part of the race is behind losing out, with talk of a jobless recovery. Second, companies around the world us – it will be tough to maintain the same rate Low capital spending led to low have begun to sanction higher capital of progress this year. productivity growth, implying little room expenditure budgets. And we continue to www.kleinworthambros.com for wage increases. And spiralling costs note signs of growth in corporate capex plans – e.g., for healthcare in the United States – – Standard & Poor’s forecast an increase of suggested a decline in living standards. 5.5% in 2017, after four years On the other, interest rates were cut of declines. If confirmed, these close to or below zero in an attempt to increases suggest that we

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Telecoms Broadband competition – phenomenally good for business Gibraltar’s three broadband suppliers, subscriber numbers and now have market broadband and telephone – and a similar shares respectively of 17% and 11%” at proportion each from mobile and from each with a separate infrastructure, is end-March 2017. international business outside of Gibraltar. “phenomenally good” for business and “With Gibtelecom upgrading customers u-mee packages combine high definition consumers with lower prices, faster to higher broadband speeds at lower prices as TV, a proper landline with a local ‘phone well as the wider availability of products from number and FTTH broadband; they also offer speeds and wider services broadband providers … subscribers are now a ‘Talk-app’ that allows local calls to be enjoying fibre to the home (FTTH) broadband received on a mobile phone on any network with speeds of up to 300Mbps, as well as wherever in the world customers receive 3G, customisable packages in excess of 4G or WiFi connection - a popular added 300Mbps,” the GRA said. feature included with the higher ‘u-mee Plus’ Despite high-speed offerings, 25Mbps bundle. was the median purchased in 2016-17, ‘TV & Go’ (that allows live TV compared with around 7Mbps a year earlier. programmes on a smartphone or tablet, or use “It is widely accepted that consumers with a set top box connected to the internet, generally want faster broadband,” declared with 7-day catch-up and programme the GRA, which expected the shift to higher recording), is available for u-mee and bandwidth products to grow. non-customers. For more than 15 years, Gibsat Ltd has TV fuels competition been The Rock’s main TV provider using Much of the demand has been fuelled analogue cabling. Sheriff maintained: by the two smaller companies packaging “Although residential customers have been broadband and ‘phone provision with live TV, the foundation of our business, it is the something that Gibtel has resolutely refused corporate side, where prices remain high

Gibraltar has he dominant supplier, State-owned to provide without the latter being licensed. compared with the UK and Europe, that three separate Gibtelecom (Gibtel), saw its market Now, by end-March, Gibtel expects to launch represents our biggest opportunity.” broadband Tshare of broadband slip to 70% in its IPTV service, which chief executive, Tim networks to Receptive market service business 2016 from 90% previously, largely as Bristow says will be “different to the others, a and residents Sapphire Networks, the second largest technically superior product with a range of Convincing large eGaming businesses and supplier, diversified from corporate and media services that aren’t currently available others in the corporate sector that GibFibre’s enterprise business into residential from our competitors and, crucially, licensed product is a viable alternative is a major connections through its u-mee subsidiary. content, for which we are going to pay.” challenge. “We are a lower cost alternative Relative newcomer, GibFibreSpeed has “The dynamics have changed in the last with a similar offering to that of the two been strongly marketing broadband services, two years; [our competitors] are being bigger players, so it will be down to how well while investing £10m in fibre cabling to particularly aggressive in the market and we perform”, admitted Sean O’Reilly, who service Gibraltar homes and businesses. “I therefore we had little choice but to move into joined last year from Dublin where he was believe it is because of our intervention in the that space,” Bristow said, adding: “With this country manager for Huawai, the Chinese market that prices generally have come down development, we are going to win more of telecoms and IT giant that he helped establish in Gibraltar – we have had a major impact on this market back”. there 15 years ago. reducing the cost and raising the speed He noted: “It’s very expensive to do it O’Reilly added: “There is always going offering for internet,” Julian Sheriff, properly and legally. We are investing to be a degree of drag – traction time – that GibFibreSpeed’s development manager, said. several million pounds over 3-5 years – a requires a leap of faith for any new business The Gibraltar Regulatory Authority large proportion of that is to legally buy the customers that depend on the internet for their (GRA) reported the number of broadband content, which we have to do every year.” survival, but the market has been very residential and business subscribers in Bristow admitted: “With many of the receptive to our arrival and we feel that will be Gibraltar at the end of 2016 increased by new homes, we haven’t done as well and we converted into customers.” GibFibre says it 1,641 to 16,357 and was “due, in part, to the have started to lose some accounts in other already has some - undisclosed - large new residential housing estates being places, but that is to be expected in a customers, including at least three gaming constructed around Gibraltar”. competitive market.” Loss of broadband sub - firms, and others in financial services; “there The GRA’s annual report published scribers – “not as much as people might are also a significant number of smaller in September declared “new broadband think” – had contributed to Gibtel’s turnover businesses moving to us.” packages from u-mee and GibFibreSpeed flat lining year-on-year at around £42m, with have attracted substantial [residential] 30% coming from fixed line – both Continued overleaf

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Broadband competition competition and the significant weakening of of a competition authority covering all aspects – phenomenally good for business Sterling, but we have invested £8-9m in of business. Continued from p12 developing the fibre network to support that The Gibraltar Communications Act side of the business. u-mee is accounting for requires the GRA to “promote competition”, u-mee Business was launched in 2017 a greater share of the Sapphire group but as GRA legal advisor, Maurice Hook aimed at the small office and home office business, while gaming is leveling off.” noted: “If any operator did something that we (SoHo) sector – shops, lawyers and considered anti-competitive, there is in reality accountants - providing 100Mbps fibre Facing realities very little we can do about it.” That has internet (utilizing GPON technology, like However, on increasing competition, Isola prompted consideration of making GRA u-mee residential fibre products) with rounded: “It is crazy that the substantial cost competition enforcement possible, or 20Mbps upload speeds and four telephone cutting that is taking place for internet introducing wider-based competition law – lines with extension features, for £75pm. “We services, involving all three providers, is not something Gibtel’s Bristow said: “We would see a gap in the market here and an good for Gibraltar given its impact on “welcome a competitions authority.” opportunity for us”, declared Sapphire Group profitability for each of us, and this could well The up-coming court case has delayed a chief executive, Lawrence Isola. affect future investment and the returns that GRA public consultation on wholesale This differs from Sapphire’s Business can be expected”, Isola maintained. broadband access markets; it has twice before Fibre product, which offers up to 300Mbps He held: “Gibraltar is too small a place proposed reviewing whether Gibtel is download speed with 30Mbps upload, but for three telecoms companies” and questioned sufficiently competitive. “I suspect [the GRA] using direct fibre links similar to those “the long-term stability, reliability and was out of sync with the EU requirement”, provided to large customers in the eGaming resilience of service in industries that are key Bristow observed, “where no-one is policing sector, but for £250-350pm. “There has not to our economy - realities have to be faced”. the broadband retail market as proposed.” been more than a single 3 second drop-out of Sapphire has one 48-rack data centre at Gibtel is mainly regulated on voice fixed service in ten years”, Isola declared proudly. Europort that is almost full. Gibtel launched lines. It’s mobile business, with download

Sapphire its Rockolo subsidiary in March to handle its speeds of up to 400mps through 4G+ (faster Networks Gibfibrespeed 400 racks at Mount Pleasant and from Spring than broadband at present), accounts roundly Gibtelecom 2% 2017 at the Gibraltar World Trade Center. for 30% of turnover having only little U-mee 11% By mid-June, Rockolo had added competition from 2017 newcomer, Limba 17% Gibraltar’s first locally-hosted cloud Telecoms. 70% computing solution in partnership with GiBVault, a specialist provider, bringing Extending reach customers “reduced hardware, software and When Telekom Slovenije sold in 2014 its running costs, speed of deployment, greater seven years 50% Gibtel holding, the flexibility and enhanced productivity”, government paid £47.7m, ending 26 years of

Gibtelecom has Bristow pointed out. private sector involvement. Chief Minister surrendered However, in February this year, the Fabian Picardo described it as “a temporary more broadband The gaming companies, on which much GRA ended a year-long investigation into move", stressing the importance of finding market share in of Sapphire business is based, “are not whether Gibtel had breached its (Significant “the right partner and not the quickest 2017 than this growing at the same pace as previously, there Market Power) SMP operator obligation partner” in Gibtel. After three years, nothing 2016 chart of subscribers are fewer of them given mergers; they having blocked access to the Mount Pleasant has changed, and observers believe the State depicts generally do not want more capacity – data centre and “access to all ducts, manholes will need to reduce its stake to 49% at most. sometimes they want less – but they certainly and other infrastructure” for GibFibreSpeed Prospective buyers may be interested in now do want to spend less for a strong inter - to provide potential customers with IP transit the 30% share of revenue Gibtel gains from net service when contract renewals occur”, and leased lines services. its international business, some through sales Isola observed. The GRA concluded its powers “did not of capacity on its share of the upgraded Gibtel claims two-thirds of the eGaming extend to mandating operators to cooperate on Europe-India Gateway 15,000 kms-long market. On gaming sector concerns regarding a commercial level with other operators, even submarine cable. Gibtel has extended the higher than UK internet costs, Isola is if this is deemed to be positive in the reach by a third to Singapore after securing a pragmatic. “Prices gaming companies pay are electronic communications market”. Legal deal with an Asian telco and also now has higher when compared with elsewhere in advice said Gibtel did not have to offer customers in South Africa and Australia. Europe, because here we don’t have a 5m commercial hosting agreements, or give “We’ve built a European network with population or a cluster of 500 gaming access to its data centres, to other operators; Points of Presence in London, Marseilles and companies to bring economies of scale… Gibtel’s SMP obligation did not extend to its Madrid and can reach there by going north yet service expectations are the highest customer’s equipment in the data centre. overland or by sea through various points, or imaginable, and require significant GibFibreSpeed disagreed and is through France – it means we have so much continuous investment.” appealing the GRA decision in Gibraltar’s route diversity and resilience that Gibraltar Isola added: “We established u-mee two Supreme Court. It’s the first case of its type can be assured its telecommunications are years ago as diversification to ensure we have and the outcome of a hearing scheduled to safe – I don’t think our competitors are even market share and to protect profitability. Our begin on 5th March could have far-reaching in the same game”, Bristow observed. prices have not changed despite greater impact, having also exposed Gibraltar‘s lack Ray Spencer

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any other sector of industry. This opportunity should be open to anyone, even though Can diversity in eGaming gambling has an image of being very male dominated.” become a safe bet? Missing a trick Jon Tricker, KPMG Gibraltar’s managing Self-help is possibly the best way for not for them.” director, interjected: “Fundamentally a KPMG research addressed the myth that woman’s brain is different to a man’s and women to gain deserved recognition in women were less confident and explained that operates in different ways when talking about the largely male-dominated eGaming women simply tend to present themselves the same thing.” He came from a industry, according to a group of key differently than men in interviews. Women background of working with six male typically were “brutally honest and partners, and Swindale was the only KPMG executives, reports Ray Spencer forensically self-analytical about their female partner in a group of seven! “We are abilities”, whereas men were more likely to missing a trick in not having more of the omen mentoring each other, ‘self-promote’, which can lead to “incorrect different perspectives women can bring to targeted female recruitment, gaming assumptions that men are better”, Micky help grow the business,” he concluded. Wadvertising, and collective lobbying Swindale, KPMG’s director responsible for A poll of some 300 delegates at the April of government for improved childcare technology, reported. 2017 KPMG Gibraltar eGaming summit benefits and facilities were all identified by Dawn Adams, transformational director revealed that threequarters had 10% or fewer the sector’s eight women and one man taking at William Hill, declared: “I used to work for women on the executive team of the gaming part in the KPMG (Gibraltar) 3rd annual a company (in a different sector) which had a company they worked for, or were most ‘Roundtable’ event organised in conjunction mentoring programme and it was evident that closely associated with; “that was quite a with Gibraltar International Magazine . junior staff felt the need to ask permission to wake-up call,” Swindale confessed. A general lack of confidence by women go for a promotion.” She noted: “We are talking about the commercial benefit of having women in the team and we are focused on the idea about understanding what it might take to encourage more female involvement in businesses. Several research studies have shown that women are not getting the same opportunities or treatment.” Agreeing, Nyreen Llamas, chief strategy officer for Addison Global, said: “Women always bring a different perspective and it is of value; we don’t always get it right. Senior management Different men bring different perspectives and participants in different women bring different perspectives. the Diversity The more diversity that you can have in the Round Table pool, the more you are going to get out – it is discussion exponential.” and their self-doubt on personal ability were She recalled not being able to do quickly identified as key obstacles to having a technical drawing at school and having “to Balancing work & home more gender balanced workforce. As Cristina negotiate my way into doing advanced maths. Donna Del Greco, Betvictor’s head of legal / Turbatu, technical lead at Playtech, noted: “If Businesses can change that experience by general counsel, said women should consider someone advertises a job, with most women, working with children in schools and having what the organisation’s attitude towards if they don’t tick 80% of the [requirement] development managers”. female career progression and work/home life boxes, they don’t apply. I see a lot of male When working for newspapers in the balance, and advised: “If either cannot be applicants with a similar level of qualification, 1980’s it was a male dominated environment, offered, then the woman needs to be able to who think they still will go for the job.” but “when they started to bring technology to recognise this and decide whether she wants Turbatu, who is also managing director the fore you could really feel the diversity and to remain in the organisation for the long term of not-for-profit Girls in Tech Gibraltar, flexibility in the roles that technology and petition for change.” revealed: “In some cultures girls are brought,” Adams said. Swindale suggested: “It’s about encouraged to go into maths and technology, Picking up that point, Neil Banbury, achieving a balance. We need to learn that but even from an early age in Gibraltar, US UK general manager for Kindred, noted: confidence is self-awareness; confidence is an and the UK, they are distanced from maths “The reality is that the sector we are in – innate belief, it isn't about being good at and sciences and it is regarded as boys stuff; entertainment, technology – is offering more self-promotion.” girls don’t have the option to study applied opportunity to work in an exciting field with Elicia Bravo, chief strategy officer at maths and they grow up with the idea that it’s more transactions per second than in almost Continued overleaf

16 Gibraltar International www.gibraltarinternational.com WeWe areara e GibFibre

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Can diversity in eGaming become attractive; we need to think differently about where the customer is primarily male?” a safe bet Continued from p16 how we describe it to potential employees and Banbury observed: “The industry’s customers alike.” advertising has been very focused towards Lottoland, told how she had worked for a City men – lads, drinking and going out - but the of London firm which, “from their Negative perceptions demographic is all types. We’ve tried female perspective, really were focused on trying to There was a “lot of the noise in the UK about targeted sports betting, but the industry could promote women, but whether it is being done the gambling industry in society and it’s not also broaden its targeting from stereotypes, in the right way is up for debate. Some of my helping when the perception is very even within the male audience.” colleagues definitely experienced a bias negative”, Llamas formerly a partner in a Llamas determined that future diversity towards women! local law firm, asserted. Ainsworth declared: would bring balance “and this industry hasn’t “Women who are assertive are often "We should look at how the finance sector has been particularly good at it, but it is at a perceived as aggressive - also if they appear improved its image and re-established trust crossroads. Sometimes women are not very too much like a man, then they lose their again [following the 2008 crisis]”. good at mentoring and there is an element of edge,” warned Bravo, whose firm has two Swindale observed that financial female jealousy. I’m not suggesting for a thirds of its 300 employees in Gibraltar. services firms had long attempted to appeal to minute it’s going to be easy, but if we have Women bring something very different to the women through their advertising, but had female [as well as male] role models it will be table, which has an intrinsic value, however it not practiced what they preached [on more helpful.” is difficult to achieve a perfect balance when greater inclusion of women] within their it comes to diversity.” organisations “and the public is seeing More help needed through that approach.” She added: "The Recording that working mothers frequently approach to bingo advertising has noticeably experienced problems dealing with school changed from omnipresent pink five years timetables, Hirst stated: “Childcare is very ago to the likes of tombola advertising expensive and some flexibility in benefits showing men and women in a bar, having would be beneficial. We [in Gibraltar] have parties, generally enjoying themselves, and not got a voucher scheme as in the UK; this has had a positive impact on participation everything comes out of salary. There ought by men." to be communication with the government Women make up a good proportion of about what more can be done - looking at the on-line gaming market, yet “most options around use of benefits - to give gambling advertising doesn't appear to try to women more opportunity from working. appeal to women as customers” and it perhaps Llamas maintained: “It is also up to this needed to be presented as “less macho and industry to do something about it. It’s all very Women do not Nevertheless, Janet Ainsworth , Ladbrokes aggressive”, Swindale submitted. good saying that the government should do it, need to gamble Coral head of talent & development, felt: “We Hirst judged: “This is not a sector that but I think the industry should lobby and try to on top jobs in have to help women challenge themselves. I has been traditionally attractive to women and do something itself. When one of the first eGaming hear women say ‘I’ve got a child so I can’t do not enough women in the business are singing gaming companies arrived here, there weren’t that’, or ‘I’m not as confident as men in about how good it is, singing the diversity any nurseries, so they set one up. It was very this situation’, or ‘I’ve not got the right hymn sheet to attract other women”, successful and developed from providing a qualifications’, and feel that it would be great conceding her HR team was all-female! facility for employees’ families to include if we could support them to be more confident “Without sounding too negative, I’m not others more generally.” and believe these are not always blockers to sure whether the customer base in the The industry had not been good at being a senior leader”. demographics of the products is ever truly collective efforts, although its response to the Her colleague, human relations director, going to change from basically appealing to UK Point of Consumption Tax had been an Katie Hirst, said that following the Ladbrokes males”, Hirst declared, while suggesting that example of working together. “Even in a merger with and Gala/Coral, (which had been before giving sports betting a greater feminine competitive industry like ours, childcare “male dominated”) she was seeking ways to appeal there was need for research “to see provision could be achieved by doing things attract female candidates, and asked: “Where whether women genuinely are interested in together,” Llamas determined. do we advertise roles, where do we go to get sports betting”. Ladbrokes Coral research into local them interested in our environment . We know If advertising was doing well, why benefits packages for mothers, found “there’s there is an opportunity for women to would a firm change it and possibly not a huge amount out there that goes above progress.” Whilst the business was changing antagonise its predominately male customer and beyond”, Hirst related. “Together we internally, “everything external is reinforcing base, Del Greco questioned: “We are very should see what can be done to help women the male stereotype, so how do we express much a male [appeal] company, so would we and agree on whom we can go to for help, to what we really are, because of the perception alienate a large number of customers? When influence change,” she believed. of gambling?” females are put into the mix, the tendency is Sarah Wood, head of compliance at Ainsworth maintained: “We need to be to make [advertising] sexy.” Betvictor, pointed out: “As you can see from challenging on what industry we are really in This led Ainsworth to wonder: “Is there the people around this table, there is genuine – how we describe it; we are in the a correlation then between demographics of progress in the area especially in management entertainment industry and this may be more the customer and those of an organisation, and executive roles.”

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Profile Close family encounters help ensure law firm’s progress Peter Isola joined the family law firm in firms. Last year ISOLAS became listed LLP 1982 to manage its transition into an number 00001, the first major lawyers’ practice to do so locally, and only the second efficient, modern business: 25 years later, Gibraltar law firm established as an LLP. he thinks Gibraltar’s oldest legal practice Previously, the firm’s equity had been has become the most progressive. totally family owned, and now Isola reveals: Ray Spencer finds out more “As a family, we have given up 80% of the value of the business; that’s extremely n his mid-teens this 60 year old senior significant and I think that is the future.” partner flirted with becoming an It was “to ensure the firm’s longevity, it’s Iaccountant after completing modern continuity within a framework that enables mathematics at ‘A’ Level, and architecture, younger lawyers in the firm to take a more which he then found tiresome – “I thought it active part”, he says. took too long”. Isola’s ‘light-bulb’ moment Isola adds: “I think that as you get older came aged 18. “I really enjoyed studying you naturally become more conservative, less history and English at ‘A’ level, so I thought open to risk and new ideas. I’m conscious that actually the law was a good fit – the use that the energy and entrepreneurial spirit that of English and history for the precedent of I had in the 1980’s and 90’s is hardly likely to law”, he recalls. be there going towards 2020.” He decided Peter Isola proud to head a Tier 1 law firm Quietly spoken, Isola recounts: “I had to three years ago to recruit the former Financial re-sit my ‘A’ levels at Oxford Brookes the firm grew from 2 to 10 to become the Services Commissioner and qualified lawyer, College and at the same time I did the second largest Gibraltar law firm today. Marcus Killick, in the new post of chief entrance exams for Oxford University’s In October, ISOLAS celebrated its 125 executive officer, charged with converting the Pembroke College, which I passed, but after years anniversary, having been founded in partnership into an LLP. an interview I didn’t get a place for law; I 1892 by Horace Parody, whose family could have done a history degree course, emigrated from Genoa and who was joined in Change takes time though.” his law practice 29 years later, in 1921, by Isola is candid: “Sometimes it’s easy to forget Instead, he studied law at Kingston Peter Isola’s great grandfather, Albert Richard I am the highest fee-earner in the firm and Polytechnic, “which suited me because Isola. It wasn’t until Peter J Isola’s father’s have been so for the last 15 years. I do an polytechnics at the time were more an elder brother, William Isola, joined Albert in awful lot of legal work and management has extension of school; teachers tended to teach the late 1940’s and Peter’s father followed in a very limited amount of my time.” Things rather than be there for research. 1950, that the firm became Isola & Isola. were not getting done: “I was very engrossed

“Moving from the corridors of a Jesuit Peter has three siblings – Albert, in work and I could see that I wasn’t giving it School in the middle of Lancashire, where I Rosanne Garcia, a property manager at the time, that’s for sure, and the LLP was had been at a boarding school for nine years – Fiduciary Property, and Lawrence, who never going to happen, because I didn’t have almost like a borstal – and to suddenly be manages Sapphire Networks and also the time to do it,” he explains. thrown into a university where you had Europort. “We are a very close family as In addition, fellow lawyer, Selwyn tremendous freedom, I think would have been evidenced by our combined economy: we Figueras, is now development manager, and a bit too much”, he concludes. always share our interests, so we invest there’s a chief financial officer and a human together – both our time and money – so for resources manager to complete a limited

Taking the reins example Fiduciary we started in 1982 is company-style management team that is He returned to Gibraltar after being called to owned by our three families, and a lot of our strong on IT. “We have reports from each: the the English and Gibraltar Bars in 1982 “to a property involvement such as Euro Plaza and partners see all of the figures and we all know practice run in a sort of liberal arts manner and Kings Wharf we have developed together what we are all earning, including bonuses – I decided that it needed some efficiency and with varying partners.” it’s totally transparent and that is very modernising; from an early stage that Despite the law firm’s long history, it important, which you may think is obvious, interested me”. lacked a partnership deed and that fact but it doesn’t always happen!”

Management didn’t particularly interest weighed on Isola’s mind for a decade as he As a result in part, ISOLAS in 2017 his father, (Peter J Isola) or brother, (Albert, struggled to find time to set things right by achieved Band 1 status from internationally- who now is Minister for financial services and establishing ISOLAS as a Limited Liability respected legal rankings firm Chambers & gaming), so it seemed natural that he took that Partnership (LLP), a cross between limited Partners. “Normally, it’s difficult for a firm of mantel on from an early stage in 1985. In the company and partnership status, and adopted our size to be Band1–it’s a bit like a 5-star intervening period the number of partners in progressively since 2001 by most UK law Continued overleaf

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Close family encounters help ensure had now, but I’m too cautious. I thought I was adding: “The executive members of the FSC law firm’s progress quite open to risk until doing a profile for a are extremely sensitive to conflict – I would Continued from p20 bank investment and asked how much of my say over-sensitive on some occasions – but it hotel with a gym, pool and everything else, accumulated wealth I was prepared to lose – means we have a very strict policy on but more difficult for a boutique firm to be 30%, ‘no’, 20%, ‘no’, 10%, ‘not really’.” He conflict.” Band 1 or 5-star”, Isola reports proudly. was classed “a very cautious investor, because Keen on keep fit, skiing, paddle tennis He riles at the suggestion that the I think it’s quite hard to earn money in the first and golf, Isola is only interested in politics, transition to LLP might be to protect partners place, and I’m more concerned about with a small ‘p’. He declares: “I think as a against risk. “We have never been sued, touch retaining it than growing it.” family, we are quite liberal, with a socialist wood, we have not become an LLP because Until this year, the only other Band 1 bent. I certainly support the GSLP of that; in fact, our professional indemnity Gibraltar legal firm was Hassans, which was government at the moment, although I’ve insurers have made a lot of money out of us established by Sir Joshua Hassan in 1939, and supported the GSD at times previously.” He without ever having to pay out on any claim.” features in much of the Isola history. “I think supports policies and individuals, preferring when Sir Joshua, [who served four terms as to split votes between people, rather than Strong advocate Gibraltar’s Chief Minister], and my great block vote. But being a strong advocate of FinTech grandfather- he was Leader of the Opposition He married Danish accountant Dorthe in (Financial Technology) and development of - started in politics, it was as much a social 1993 when she was working as an account ICOs (Initial Coin Offerings), with his firm service – they did it all for the right reasons”. manager for Jyske Bank in Gibraltar and a organising Gibraltar’s first last year, he But it was inevitable, Isola suggests that year after officially becoming managing cautions: “I think there is misunderstanding “at the time if you are Chief Minister (CM) of partner of the then Isola & Isola. “It’s very about ICOs, which essentially are money Gibraltar and Joshua Hassan was a practicing refreshing to be married to someone from a raisers: I’m not even going to call them lawyer – don’t forget it’s changed now - it is different culture. She brought a Danish investments. not surprising that when people came here outlook on life, very much concentrated on children and on holidays and having time for the family, which I was not good at, being in the heat of developing a law firm and Fiduciary as a business.” Two of their four children are already destined to join the firm: Katrina (23) is doing a conversion to law from the theology degree she did at Exeter, and Thomas (21) is a third year law degree student at Durham University, where Emma (19) is studying economics, French and Arabic, whilst Alice (16) is working for her International Baccalaureate. Peter Isola with “You can participate in ICOs, where they would be introduced to the CM and, his brothers, there will be some that fail and some that therefore, to his law firm.” Still growing Albert and succeed tremendously. It is obviously much “My father and Sir Joshua were Amongst the dynasty’s 5th generation, Lawrence safer investing in a FTSE 100 company and politicians first, commercial lawyers second”, brother Albert Isola’s son, also called Albert, getting your secure return, relatively he notes, adding spiritedly: “The development is training to be a solicitor in the UK, and will speaking. (He sits on the board of gaming of Isolas has been organic from when I came probably join other family members – giant, GVC plc, and “its value has gone up in, whereas other firms grew through mergers, partners Joseph (Joey) Garcia, his sister’s son, 100% in the time I’ve been there - not that although there’s nothing wrong with that.” and Mark Isola QC, his cousin, whose son I’ve impacted the result as a non-executive Isola was appointed in 2017 to the Nicholas is at ISOLAS as a trainee. director. Gibraltar Financial Services Commission Isola’s firm is growing despite Brexit - “People should realise that ICOs come (GFSC) board – he’s already on the Gibraltar “I don’t know an area that has not grown in with a high-risk health warning, but having International Bank board – and says it is this firm, why I couldn’t tell you and at times said that, some of these enterprises are the important that the GFSC Board has local coping with the workload is difficult.” He’d companies of the future,” Isola emphasises. people with local knowledge, but concedes: rather Brexit didn’t happen and wishes the We are a facilitator for ICO launches and we “Anyone dealing with the GFSC - lawyer, decision could be reversed, “because do our due diligence, but we are not judging accountant or banker - has a prima facie Gibraltar had positioned itself well as an EU what the money is being raised for. Gibraltar conflict. Ideally, Commissioners would be finance centre. is looking at regulating the next stage, but people keeping up their knowledge, but no “But having said that, we are ICOs are the future and have tremendous longer in practice, semi-retired, maybe, but entrepreneurial and we will overcome it. Of potential.” there is the danger that they may no longer course, there may be pain to come with On cryptocurrencies, Isola divulges: “I have relevant knowledge.” Brexit, but all I am saying is that we would haven’t bought any Bitcoin – with the He declares an interest whenever there is have expected pain, and instead we have had tremendous rise in value, obviously I wish I a potential conflict with his business interests, growth,” Isola observes.

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with a wider set of stakeholders including The route to the Capital investors, advisers, analysts and the media. l Increased capital. When growth can no Markets for small companies longer be financed internally, from private equity investors or through borrowings, an By Eran Shay, Managing Director, Benefit appropriate investor protection. The AIM IPO can provide your company with addition - Business Solutions Ltd market also benefits from being an integral al funds to meet working capital needs, part of the portfolio of markets offered by the acquire other businesses, expand research and n November, a delegation from the London Stock Exchange. The entry criteria development efforts, invest in facilities and London Stock Exchange visited the Rock for AIM Stock Market are tailored for equipment, or retire existing debt. Ifor the first time, as part of a Capital growing companies with no trading record l Less dilution. If your company is at the Markets conference organised by the required, no minimum size criteria and there stage where it is ready to go public, you may Gibraltar-Israel Chamber of Commerce. One is no prescribed level of shares to be command a higher price for your securities of the key messages delivered by the directors in public hands. AIM’s balanced regulatory through an IPO than through a private of the London Stock Exchange has been that environment is specifically tailored to support placement or other form of equity financing. Gibraltar companies should consider the the needs of smaller companies. Moreover, This means that you give up less of your com - Exchange, and particularly the AIM market, the AIM market is open to companies from a pany to receive the same amount of funding. as a viable route to raising capital. Indeed, wide range of industry sectors, as shown by l Enhanced corporate governance. Going they have reiterated that the AIM market is the diagram opposite. public requires the company to adopt internal specifically designed to accommodate young, and external reporting procedures, implement growing companies and the listing The Advantages monitoring systems and controls and increase requirements are far less onerous than those Going public potentially provides both management accountability. This in turn, for a Main Market listing. Indeed, AIM’s tangible and intangible benefits, including: enhances corporate discipline and makes the success is underpinned by its regulatory l Visibility and profile. Admission to the company operate in a more orderly, environment, which has been specifically stock exchange provides international accountable and structured manner. designed to meet the needs of smaller and visibility and credibility for companies not l Liquidity and valuation. Once your growing companies while offering only with their customers and suppliers but company goes public, a market will be

24 Gibraltar International www.gibraltarinternational.com Investment established for your stock. A public market weighed against the many advantages: Healthcare makes it easier for you to dispose of a portion l Disclosure of information. As a publicly of your interest should you want to diversify held corporation, your company’s operations 10% Basic materials your investment portfolio or if you are ready and financial situation are open to public Financials 25% 6% to leave the company. scrutiny. Information concerning the Oil and l Improved credibility with business company, officers, directors, and certain 8% gas partners. The simple fact that you are shareholder information is suddenly available Utilities 1% 3% Telecoms “public” provides business partners such as to competitors, customers, employees, and suppliers, distributors, and customers with others. Information such as your company’s 7% 14% Consumer more information and makes a strong sales, profits, and the salaries and perquisites goods statement that your company is a business of your officers and directors must be Consumer services 14% of substance. Prospective suppliers and disclosed not only initially, when you go 11% Industrials customers thus feel more secure about enter - public, but also on a continuing basis Technology ing into a relationship with your company. thereafter. Better employee morale and product l Management demands. Top management Source: London Stock Exchange, AIM Market July 2017 ivity. Stock options and other incentive must be available to shareholders, brokers, company quarterly, which will intensify the compensation plans enable personnel to securities analysts, and the press - all of whom pressure and shorten your planning and participate in the company’s success, without want up-to-date information about company operating horizons significantly. increasing cash compensation. The chance to progress. Executives must also be involved in l Less control. The sale of shares to the acquire stock in the company they work for preparing written information about financial public will dilute your ownership and reduce also causes employees to take a longer-term results and other company matters that must your level of control of the company. In view of the company. be reported to the public and the regulatory addition, you will be required to have a Board authorities. of Directors consisting of a majority of The Disadvantages l Pressure to maintain growth pattern. independent directors. The Board of Directors There are also some very challenging issues Management will have to begin reporting is responsible for protecting the shareholders’ associated with going public, that some view operating results on a quarterly basis. That interests and you will be accountable to them. as significant disadvantages that should be means that parties will now evaluate your www.benefitgibraltar.com

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www.gibraltarinternational.com Gibraltar International 25 Banking Gibraltar Bankers’ Association (GBA) Established in 1982, the Gibraltar In order to achieve this, the Gibraltar both current and future regulations. Bankers’Association works closely with Examples such as the Payments Services Bankers’ Association was formed to local organisations including the Gibraltar Directive II, MIFID and Common Reporting both promote and protect the local Financial Services Commission and the Standards mean that the level of engagement banking industry Gibraltar Finance Centre Department to from banks with the regulatory environment contribute towards the implementation of requires a high level of interaction and

he unification of one voice on behalf policies designed to protect our members, we provide the platform for all of our stakeholders, providing the customers and the Gibraltar Banking sector member organisations to support each Tnecessary forums to resolve common as a whole. other as a single voice. The Gibraltar issues, making available adequate training ‘ and representing the Association’s members on the Gibraltar Finance Centre Council are Gibraltar Bankers’Association works closely with some of the ways in which we protect and local organisations including the Gibraltar Financial promote the local banking industry. Services Commission and the Gibraltar Finance Our members, made up of large global institutions as well as specialist private and Centre Department investment banks and building societies, are ‘ able to provide a breadth of modern day solutions to their clients’ needs in all areas of Current and future regulations Bankers’Association is a non-political finance. All our members are committed The organisation contributes towards organisation and is committed to working to compliance with the highest level of working and policy groups locally where we with the government of the day to achieve international and European rules and are able to draw upon the diverse range of the best banking environment for Gibraltar. regulations regarding the business of skills and experience of our members for the To this effect we work closely with ministers Banking. implementation and ongoing supervision of to support and offer our guidance.

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26 Gibraltar International www.gibraltarinternational.com Banking

Innovative banking The objectives of the GBA are: In recent years the organisation has arranged a series of training events. In conjunction 4 To further with our partnership with UK Finance, the development and preserve the reputation of Gibraltar as a first class formerly known as the British Bankers’ international banking and financial centre. Association, we will be seeking to extend this across a wider range of events and 4 To arrange activities with attendance open not just to our and sponsor training courses for bank and building society personnel and to encourage and support institutions in Gibraltar in the furtherance of members, but to interested parties across commercial education with the emphasis on banking and trust administration Gibraltar. and fiduciary practices. The existence of a strong banking community is seen as the basis for a vibrant 4 To identify economy. Whilst the Gibraltar market has promote and uphold the common interests of members in their seen the departure of some organisations in relationships with the Gibraltar Government, the Financial Services Commission, recent years we have also seen new entrants the media, private individuals and business and professional organisations. open in Gibraltar, bolstering the traditional banking sector as well as other more innovative banking and eMoney firms. In order to achieve the best outcome for addition - interest from a number of newer Gibraltar. FinTech type businesses means that banking For all queries relating to the Gibraltar in Gibraltar currently has a strong future. Bankers’ Association or to express your Gibraltar does face challenges through the interest in participating with the organisation potential loss of our passporting rights into please visit our website at www.gba.gi/ or the E.E.A. from any Brexit deals however the contact us at [email protected] Gibraltar Bankers’ Association remains committed to working with Government in www.gba.gi

Perspective matters

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www.gibraltarinternational.com Gibraltar International 27 News

DLT Regulations come into force overhaul financial services and related There had been “a significant increase in Continued from p6 Gibraltar legislation should be complete by insurance companies coming to Gibraltar”, mid-2018 and as a result, the GFSC also Barrass said despite the prospect of Brexit, but enhance IT intelligence databases, and liaise hopes to gain a much greater financial GFSC was unable to provide comparative with the industry to “raise awareness of deterrent. figures for license applications. “There is a financial crime risks and the important role strong attraction for companies outside of that firms play in ensuring that financial crime Intervention used Gibraltar and outside of the UK to secure is identified and mitigated”. It will target In the review year a senior legal adviser was access to the UK, and Gibraltar is an attractive “activities that dishonestly generate wealth for appointed and is supporting work “to option”, she insisted. those engaged in a criminal conduct, address the legacy of poor performing Key to the jurisdiction being considered or activities that protect the proceeds of illicit insurance companies, particularly in relation a credible regulator has been growing activities”, including bribery, corruption, to the application of our regulatory powers, relationships and joint activity with European fraud and market abuse. including the appointment of skilled and international standard setting, regulatory Supervision of licensees has been persons and inspectors”. This has enabling and enforcement bodies. Establishment of the stepped up and featured “intrusive interaction intervention in relevant companies, and the European Insurance and Occupational where necessary in order to protect consumers GFSC has “effectively resisted legal Pensions Authority - which GFSC helped to and policyholders”. Barrass said it was challenges to the use of our powers”. spearhead - for information exchange and “critical that there be real and meaningful Gibraltar is a net exporter of insurance - supervisory collaboration in respect of firms, consequences where unacceptable behavior over 97% of premiums being written outside that have a presence or are active in multiple has occurred and our action in this area is of Gibraltar's - with the UK accounting for in European jurisdictions, “is indicative of our underpinned by a real desire that those firms excess of 80% of premiums. The Commission pragmatic, inclusive approach”, Barrass and individuals that pose an unacceptable risk was shaken by the unprecedented scale of the emphasised and “has clearly illustrated our to our regulatory objectives are controlled or insolvency of insurance giant, Enterprise, in willingness to cooperate with regulatory removed from the financial services mid-July 2016 with a deficit of £96m and “a counterparts to levels that previously have environment and that our work in this area number of contraventions of insurance legis - been largely unprecedented in the global serve as a credible deterrent to others.” lation”, the thrust of continuing investigations regulatory environment.” A Legislative Reform Programme to by the GFSC enforcement team. Ray Spencer

28 Gibraltar International www.gibraltarinternational.com BUSINESS ROUND UP

GFSC introduces DLT DLT Regulatory Framework meets February. Tokens issued in and will run until the end of Regulatory Framework with their regulatory and strategic the Token Sale will be called Rock September, offering flights every The Gibraltar Financial Services objectives, as laid out in the 9 Tokens (RKT). Approximately day, except Tuesdays. Over 2,000 Commission (GFSC) Distributed regulatory principles designed for 60 million RKT, equivalent to $6 additional return seats will be offered Ledger Technology (DLT) DLT applications. million USD in total will be issued each week, with a total of 37,000 For further during the event. seats for the period of operation. information visit: Nick Cowan, GBX CEO, This is in addition to the 11 weekly www.gfsc.gi/dlt commented: “We’re very excited to flights from London Heathrow Regulatory Framework came into share the Rock Token with the during the summer. effect on 1st January 2018. Firms in GBX to launch world. Everyone at Gibraltar that use or want to use DLT cryptocurrency the GBX is fully (also known as blockchain) to store The Gibraltar Blockchain Exchange committed to or transmit value belonging to others, (GBX) - a subsidiary of the Gibraltar blockchain now have to apply for a licence from Stock Exchange (GSX) - which aims technology and its the GFSC. to be one of the world’s first licensed potential to change the way that Minister for Tourism and The regulator offers an and regulated token sale platform people build their own projects”. Commercial Aviation, Gilbert outcomes-focused, principles-based and digital asset exchange, has Licudi, said: “This is fantastic news regulatory framework for DLT that is British Airways new for Gibraltar, with much needed objective, targeted and flexible. Gatwick to Gibraltar capacity left behind by Monarch It holds as its primary objective, service Airlines being filled up by British to protect consumers and the British Airways announced in Airways. London Gatwick is reputation of Gibraltar when January the launch of a new seasonal Gibraltar’s busiest route and these considering any licence application route from London Gatwick to additional weekly services highlight and in its supervision and announced its public Token Sale Gibraltar. The new service will the demand on this route, and will enforcement functions. The GFSC Event, which will commence on 7th commence at the end of May, complement the British Airways have been working to make sure the February and conclude on 14th covering the peak summer season existing London Heathrow services”.

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

Association of Trust & Company Managers (ATCOM) Gibraltar Finance Centre Council (GFCC) Marc X. Ellul, Chairman, Tel: + (350) 200 70921 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 Adrian Hogg, Chairman, Tel: + (350) 200 45502 Email: [email protected] Email: [email protected] Chartered Institute of Personnel & Development (CIPD) Gibraltar Insurance Association (GIA) Lesley Louise, Chairwoman, Tel: + (350) 54428000 Liz Quinn, Chairwoman, Tel: + (350) 200 74570 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 Desiree McHard, President, Tel: + (350) 200 47300 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]

For all the latest Gibraltar business news visit www.gibraltarinternational.com

30 Gibraltar International www.gibraltarinternational.com www.jsafrasarasin.com 2018 Award Winner: Basel • Berne • Doha • Dubai • Dublin • Frankfurt • Geneva • Gibraltar • Guernsey • Hong Kong • London • Lucerne “Best Boutique Lugano • Luxembourg • Mexico • Monaco • Munich • Nassau • Panama • Poznan • Sao Paulo • Singapore • Warsaw • Zurich Private Bank in the World”

www.gibraltarinternational.com Gibraltar International 31