Gibraltar is in a unique position for funds, despite the potential impacts of Brexit, says a panel of experts moderated by a partner in Gibraltar law firm ISOLAS LLP, Jonathan Garcia.
The discussion, titled ‘Crypto Funds: The Gibraltar Solution’, was hosted by the Gibraltar Funds and Investment Association (GFIA) at the Traveller’s Club in London on the 12th of June.
In addition to Jonathan, who has recently been re-elected to the Executive Committee of the GFIA, as moderator, panellists included Jay Gomez and James Lasry, who sit with Jonathan as members of the GFIA executive; Pavel Stehno, Investor, Entrepreneur and founder of Crypkit; and Philip Young, Director of the Gibraltar Stock Exchange.
The event discussed how a significant majority of the funds established in Gibraltar operate outside of the scope of the European Union’s Alternative Investment Fund Managers Directive (AIFMD), so should not be affected by Brexit. These funds will continue to operate and be promoted through the various National Private Placement Regimes (NPPR’s) that exist in different European territories.
Jonathan commented: “The fact that this event proved popular and had a strong attendance is testament to the ongoing engagement and positivity of the funds industry as a whole. It is estimated that the significant majority of Gibraltar-based funds do not avail themselves of the European passport either because they fall below the threshold under which they are obliged to comply or fall within other exemptions and, as such, are unlikely to see any changes to their operations, both in terms of the way that they are managed, and the way that they can be promoted or distributed.
The UK and Gibraltar have agreed a bilateral arrangement that will ensure that authorised financial services firms in Gibraltar will be able to provide services and establish branches in the UK market after exit day on current terms. This preserves passporting arrangements between the two jurisdictions and ensures that existing regulatory treatments in relation to Gibraltar continue to function effectively in UK law after exit day, allowing funds to continue to have access to the UK market for investment. The funds industry can therefore rest assured that Gibraltar retains its attractive proposition.”
The post Gibraltar Remains Attractive to Funds Industry, Despite Brexit Fears appeared first on The Fintech Times.