HFMWEEK SPECIAL REPORT GIBRALTAR 2015 COMPLIANT Fully compliant with AIFMD and friendly to non-EU managers UNIQUE Offers full EU passporting but exempt from EU VAT SPEED TO MARKET Fastest fund vehicle in the EU FEATURING GFIA // Gibraltar Finance // Gibraltar Stock Exchange // Grant Thornton // Hassans // Nexus Fund Administration GIBRALTAR 2015 INTRODUCTION ibraltar continues Gibraltar’s new stock exchange, GSX Limited, to provide a which is primarily geared up for fund listings unique and and offers both EU and non-EU funds the attractive offering opportunity to take a European listing on to funds and asset the exchange. The Gibraltar Finance Centre managers within continues to support the industry and the the European Gibraltar Funds and Investments Association context. We remain (GFIA) with its activities in promoting the completely EU compliant and onshore, with jurisdiction, both in London and further Gthe full benefits of the European passport afield, and GFIA itself continues to actively granted to Gibraltar-based investment firms promote the Gibraltar offering through its and AIFM’s, while at the same time remaining executive committee, and its members. outside of the EU for the purposes of VAT. There is never a one-size-fits-all approach This is completely unique. to any manager or fund, but GFIA certainly The Gibraltar story continues to gather believes that there is a real value proposition momentum and in this year's Global Financial for Gibraltar. If we are to see the private Centre’s Index (16th Edition) Gibraltar ranked placement regimes across Europe expire in higher than Cayman, Malta, the Isle of Man or or around 2018, it is clear that managers will Jersey as a financial centre. need to consider even more carefully their Joey Garcia, There are a number of factors that options for an AIFM compliant framework. chairman, Gibraltar Funds continue to make Gibraltar unique, but as the The frameworks and solutions on offer & Investments Association, implications of AIFMD are better understood, in some European jurisdiction can be for and on behalf of the in particular by those managers from outside prohibitive, or very restrictive and while we GFIA Executive: James Lasry, of the EU who are looking for gateway would never propose Gibraltar as a ‘softer’ Joanne Sene, Yan Delgado, solutions, we expect the Gibraltar offering to option in an AIFM context, the reality is that Carlos Martins, Jon Tricker, be an attractive one. the same benefit of a European passport can Johann Olivera, Benjy Cuby, Unlike many other smaller European be obtained within a Gibraltar framework that Moe Cohen. countries or territories, Gibraltar already has a can be more flexible than some of the one-size full suite of AIFM service providers, including options that exist elsewhere. Managers should (critically) AIFM depositaries. Align this be thinking about long-term planning for with the AIFM management companies also their businesses, and as an association, GFIA offering their services from Gibraltar, and the would encourage those managers to consider fund regime fully geared up for AIFMD, and Gibraltar. you have an excellent and alternative solution. However, Gibraltar is not resting on its Joey Garcia laurels. There are exciting new projects such as chairman, Gibraltar Funds & Investments Association REPORT EDITOR Drew Nicol T: +44 (0) 20 7832 6659 [email protected] HFMWEEK HEAD OF CONTENT Paul McMillan T: +44 (0) 20 7832 6622 [email protected] HEAD OF PRODUCTION Claudia Honerjager SUB-EDITORS Eleanor Stanley, Luke Tuchscherer, Mary Cooch CEO Charlie Kerr GROUP COMMERCIAL MANAGER Lucy Published by Pageant Media Ltd Churchill T: +44 (0) 20 7832 6615 [email protected] SENIOR PUBLISHING ACCOUNT MANAGER Tara Nolan +44 (0) LONDON 20 7832 6612, [email protected] PUBLISHING ACCOUNT MANAGERS Amy Reed T: +44 (0) 20 7832 6618 a.reed@ Third Floor, Thavies Inn House, hfmweek.com; Jack Duddy T: +44 (0) 20 7832 6613 [email protected]; Alex Roper T: +44 (0) 20 7832 6594 a.roper@ 3-4 Holborn Circus, London, EC1N 2HA hfmweek.com CONTENT SALES Tel: +44 (0) 20 7832 6511 [email protected] CIRCULATION MANAGER Fay Muddle T: T +44 (0) 20 7832 6500 +44 (0) 20 7832 6524 [email protected] NEW YORK 1441 Broadway, Suite 3024, New York, NY 10018 HFMWeek is published weekly by Pageant Media Ltd ISSN 1748-5894 Printed by The Manson Group T +1 (212) 268 4919 © 2014 all rights reserved. No part of this publication may be reproduced or used without the prior permission from the publisher HFMWEEK.COM 3 GIBRALTAR 2015 CONTENTS FINANCIAL SERVICES FUND SERVICES 06 STREAMLINING AHEAD 14 A ONE OF A KIND OPPORTUNITY Philip Canessa, senior finance centre executive at Gibraltar Finance, Moe Cohen, CEO of Nexus Fund Administration, talks to HFMWeek discusses Gibraltar’s achievements and plans for 2015 with HFMWeek about what makes Gibraltar unique as an EU-compliant jurisdiction ACCOUNTING STOCK EXCHANGE 08 GIBRALTAR: THE KEY TO EUROPE FOR US FUND 17 STOCK EXCHANGE LAUNCHES IN GIBRALTAR MANAGERS Nick Cowan, managing director, Marcus Wohlrab, marketing James Lasry, head of funds at Hassans, and president of the Gibraltar director, and Philip Young, finance director, of the Gibraltar Stock American Chamber of Commerce, speaks to HFMWeek about Exchange, talk to HFMWeek about the exchange’s recent launch Gibraltar’s position as the gateway to Europe for US managers ACCOUNTING 11 AIFMD – ONE YEAR ON Adrian Hogg, director of Grant Thornton Gibraltar, talks to HFMWeek to explain how AIFMD has been integrated into the business industry in Gibraltar 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 2015 FINANCIAL SERVICES STREAMLINING AHEAD PHILIP CANESSA, SENIOR FINANCE CENTRE EXECUTIVE AT GIBRALTAR FINANCE, DISCUSSES GIBRALTAR’S ACHIEVEMENTS AND PLANS FOR 2015 WITH HFMWEEK HFMWeek (HFM): How has Gibraltar developed as a (top grade) in seven out of the 10 essential elements ex- jurisdiction in the last year? amined and ‘largely compliant’ (second highest grade) in the remaining three. Gibraltar’s overall rating was ‘largely Philip Canessa (PC): Th ere have been a number of compliant’; which is the same as the United Kingdom developments this year, not least of which was the im- and Germany. plementation of the AIFMD which is no small feat for a jurisdiction of our size. Our regulator the Financial Ser- HFM: How is Gibraltar planning to remain a competi- vices Commission (FSC) did a lot of work on AIFMD, tive domicile in Europe? on understanding how it aff ects diff erent types of enti- ties, how to remain competitive and all at the same time PC: We will continue to focus on the three criteria, which Philip Canessa meeting EU requirements. Th e FSC created a tailored we consider give us an edge over our competitors. Th ese joined Gibraltar Finance approach on dealing with some important aspects such are: regulation, reputation and speed to market. in September 2013 as as delegation and remuneration and maintaining speed senior finance centre to market for our funds regime. Th is involved collabora- HFM: What are the unique advantages of being domi- executive – funds and asset tion between the regulator, the fi nancial services indus- ciled in Gibraltar? management, focusing try and the government of Gibraltar. on the development Th e Gibraltar Stock Exchange (GSX) was recently PC: Our Experienced Investor Fund (EIF) vehicle with of the funds and asset granted authorisation by the FSC and has invited fi rms to its pre-launch approval regime, where an EIF can be management sectors. He apply for membership as ‘listing members’. It expects to launched in 10 working days, makes it the fastest ‘time to has more than 30 years of be open for listings during the fi rst quarter of 2015. The market’ fund vehicle in the EU. experience in the financial aim will be to list funds and therefore promote investor Within the AIFMD, an authorised in-scope AIFM – services sector and was awareness of the fi nancial standing and credibility of the which has already proven that it can meet requirements managing director of an issuer due to their obligations to meet the standards of the on risk management and has adequate controls in place – investment firm managing listing rules. Th is will enable greater transparency and due will be able to establish a new EIF and provide the requi- hedge fund portfolios for diligence on the funds listed. We are very excited about the site EIF and AIFM notifi cation forms. Assuming that the 11 years. He also served new Gibraltar Stock Exchange. requirements have been met, it would be registered as an as a board director of a We have continued to focus on a culture of compliance EIF on the 10th day and passported to the relevant EU ju- number of funds in different and in 2014 signed a Fatca intergovernmental agreement risdiction on 20th.