I NTE R NATI O NAL GIBRALTARMay/June/July 2015 - New state-owned Gibraltar International Bank promises independent competition - Gibraltar ...
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May/June/July 2015
GIBRALTAR
I NTE R NATI O NAL
FINANCE n INVESTMENT n BUSINESS
New state-owned Gibraltar
International Bank promises
independent competition
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www.gibraltarinternational.com Gibraltar International 3
May/June/July 2015
Volume 21/ Number 2
Contents Funds
Gibraltar: the Key to Europe for US and Asian Fund
p18
News p6 Managers
New bank to ensure lending availability and competition
Gaming p20
Stock Exchange p8 A programme for the future: the 2015 KPMG
The Gibraltar Stock Exchange complements Gibraltar’s eSummit, Gibraltar
offering
Property p22
Banking p10 2015 still looking good for the high value market
New state-owned bank promises independent competition
Gaming p25
Overseas offices p14 Gaming continues to grow
EU uncertainty tempers overseas economic successes
Taxation p27
Insurance p16 Tax gains offset by ownership register setback
Change, Challenges and Opportunities for the Gibraltar
Insurance Industry Business round up p28
Editorial Comment
Overseas trade playing a bigger part
obody can be in any doubt that it’s general election time open for business in a transparent, compliant and well-regulated
N in the UK, and it’s beginning to feel that way too in Gibraltar,
with its national ballot expected before the year-end.
However, amidst all the wrangling on The Rock, unlike the UK,
one thing that Gibraltar’s politicians seem united on is foreign policy,
particularly in relation to the need to create greater awareness of the
international business environment, where all EU Directives have been
transposed into law – something few other jurisdictions can claim!
Not only new MEPs are targets, but also various members of the European
Commission bureaucracy itself, who frequently seem ‘reluctant’ to act, such is the
‘sensitivity’ of relationships between member nations – the UK and Spain – and
jurisdiction overseas. irrespective of the fact that Gibraltar’s direct involvement with Europe pre-dates
Local politicians have long believed that Gibraltar – being a European Spain’s EU membership by 13 years!
Territory for whose external affairs a EU Member State is responsible – Being part of the EU is something Gibraltar internationally trades upon
should do more than rely on the UK for its foreign affairs representation. mercilessly. But Spain’s continued aggressive acts and the UK ‘noise’ about an
The value of establishing a London office 16 years ago was proven most in-out EU referendum create uncertainty, even if change – in the unlikely event
effectively when support of British MPs was garnered to rebut Spain’s that there was to be any – is years away.
efforts to recover The Rock – now 302 years formally in British hands. The long-sought right of Gibraltarians to self-determination with the
From the beginning however, trade development has also been an support of the United Nations remains the ultimate goal and justifies stepped-up
objective and the success of ‘Gibraltar in London’ combining both political direct representation in Washington, although fronted by consultants in support of
lobbying and business, is being replicated in Brussels with an expanded team Gibraltar’s politicians. US trade potential is on the agenda too and it seems two
under Sir Graham Watson, the former decade-long Member of the European projects now being considered by Gibraltar’s government may result in
Parliament (MEP) for the South West and Gibraltar, in larger premises being multi-million dollar energy related American investment – we should know soon.
officially opened in May. Certainly, the unexpected opening of a Gibraltar office in Hong Kong last
The Rock faces pressing and continuing Spanish-led issues – year seems to be yielding early results in a market where other jurisdictions have
attempted exclusion of Gibraltar from EU civil aviation laws, lengthy been quicker to realise the potential for Asian investment.
interruptions to cross-border traffic and pedestrian flows, and attacks on In reality, Gibraltar’s overseas representation differs in each place, but the
spurious tax and environmental grounds, all of which have commercial as contribution to economic growth – not just the political activity - needs to be
well as political implications. emphasised more actively.
Direct representation aims to get the jurisdiction’s case across, as being Ray Spencer
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4 Gibraltar International www.gibraltarinternational.com
News
New bank to ensure lending
availability and competition
ibraltar International Bank (GIB), Bank, with more limited retail operations. postponed three times.
G the State-owned start-up, opens for
business in May, some seven
months later than intended and less than a
As Gibraltar International went to
press, GIB had 3,500 account applications,
all but a quarter of Barclays customers.
Barclays employed 109 people and is
expected to end with only 19. GIB has 60
staff with around a third from Barclays.
month before the extended end of retail NatWest saw a surge in new business Apart from four graduates, “we have
operations locally by Barclays Bank. following Barclays’ decision, and was forced [attracted] people from other financial
The government formed GIB in to halt new account applications when an companies, not necessarily banks – it’s a
December 2013 following Barclays’ appointments backlog caused waiting times spread of people relating to finance in one
decision to end retail banking on the Rock to reach three months! way or another”, Podesta says.
after 126 years, prompted by a UK head David Bruce, Regional Director, RBS
office global reduction in wealth and International, said NatWest Gibraltar had Ownership may broaden
investment management operations. opened “several thousand bank accounts The government is sole shareholder, but
since October 2013” and cleared its backlog ownership may broaden in future given
by June. GIB’s remit to operate as an independent,
“The volume of business has been commercial bank with the aim of making
unprecedented and placed stress on our profit. A nine-strong Board includes senior
[operation], however, we are doing all we representatives in financial services, led by
can to support in difficult circumstances,” he retired career banker Albert Langston, who
declared. NatWest has operated on The Rock until 2010 was chairman of Lloyds Bank
for nearly 27 years and employs over 140 (Gibraltar).
people. The Board includes Podesta (55) - who
GIB will operate “very much in worked for Barclays for 20 years, and was
line with the existing retail banks”, says recruited a year ago from being chief
Lawrence Podesta, the bank’s chief operating officer and deputy CEO of the
executive officer, explaining: “As a start-up private bank Lombard Odier (Gibraltar) that
bank we do not think that it is prudent either he joined in 1996 - as well as his deputy,
for the market place or, in fact ourselves, to Derek Seine (57), the Chief Operating
become either more or less expensive than Officer, who served 40 years with Barclays
others in the market. That may change as we locally.
move forward.” Other Board members are: Peter
Gibraltar mortgages are understood to Montegriffo (Hassans); Peter Isola (Isolas);
cost on average around 4.75% p.a. but Colin Vaughan (PWC); Stephen Reyes
Podesta is pushing hard for local business (Deloitte); Dilip Dayaram Tirathdas (ex
In line with Barclays locally was said to have accounts where “loans are subject to government Financial Secretary); Tony
other banks: 17,000 clients with about £1bn deposits and negotiation”. Welsh (M&S franchise holder); and Marcus
Podesta, GIB
£500m in debt and mortgages, but it is Operating as an independent, commer- Killick (ex-FSC chief executive).
chief executive
retaining in Gibraltar only 70 corporate and cial bank, GIB’s ability to lend will in large Soon after again coming to power, the
intermediary clients and roughly 150 Very measure depend on achieving revenue from GSLP revealed in early 2012 that its
High Net Worth Individuals for private client its account operations and managing Gibraltar Savings Bank (GSB) would
work. customer deposits. expand to include most retail banking
Successive Gibraltar governments have Of the £25m start-up capital, “setting operations. GIB from the outset will
sought to establish a local bank to provide up obviously took a chunk of that”, Podesta compete to some extent with GSB for
greater competition – it has formed part of points out and “although it is a substantial deposits where in March 2014 there were
the ruling Gibraltar Socialist Liberal Party amount, it is not outside the scope of what 20,800 savings accounts totalling £888m. Contact Archie Watt, Micky Swindale
(GSLP) manifesto since 1996. we envisaged”. Cash flow needs initially will The government now says new GSB or Darren Anton on eGaming@kpmg.gi
GIB has been formed with £25m also eat into that capital and GIB – like all initiatives “have not been dropped but they
government capital and a recent Financial banks - must retain assets to meet EU Basle have been put on hold to prevent duplication
+350 200 48600
Services Commission (FSC) banking license III liquidity requirements “and we are well and unnecessary competition”, but when
to provide personal and business accounts, within that”. GIB opens, “we will see how the GSB’s
loans and mortgages as an alternative to Refurbishment of GIB’s Main Street products can be developed to complement www.kpmg.gi
NatWest, the RBS operation on the Rock premises, set around a courtyard, took longer those of GIB”.
since 1989, and the Danish-owned Jyske than expected with opening dates being Ray Spencer
6 Gibraltar International www.gibraltarinternational.com
Stock Exchange
The Gibraltar Stock Exchange
complements Gibraltar’s offering
To further complement Gibraltar’s offering, the Gibraltar Stock Exchange
(GSX) opened its doors in late 2014 and now plays a pivotal role in one
of the EU’s leading finance centres. Jay Gomez and Javi Triay who are part
of the T & T Financial Services
team report • Gibraltar additionally boasts
tax transparency to OECD standards
ver the recent years, and is a signatory to US FATCA,
O Gibraltar has worked
very hard to position
itself as the jurisdiction of choice
the UK equivalent and forms part of
the early adopters group of the
OECD’s standard for automatic
for establishing investment exchange of information in tax
funds. Gibraltar's robust yet matters.
dynamic legislation, within the
EU infrastructure and an GSX Advantages
advantageous tax regime, all for Funds
pooled into a conveniently • By listing on GSX, funds, whether
small jurisdiction, combine to established within the EU or not, will
make Gibraltar a “must see” Jay Gomez Javi Triay achieve visibility within the EU.
jurisdiction. Such is the case that • Although GSX requires proper
Gibraltar is now host to a conglomerate of • Firms which are licensed in Gibraltar to disclosure as to the operations of a listed
professionals operating within the financial provide services under an EU Directive have fund, it does not otherwise restrict the funds
services sector; accountants, administrators, the ability to passport their services into operations in any significant way.
auditors, bankers, brokers, corporate service other EU jurisdictions enabling service
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Banking $ .!0!,6- *)
New state-owned bank promises .$! $*,%4*) 1!60!
independent competition #*. 3*/, &
feedback we have from the business *, '' .$ . '%"! ( 3 ,%)# 1$!.$!, #**
For almost 20 years Gibraltar politicians have repeatedly promised
community is that the other banks are
to establish a local bank, but it took the planned closure of a UK starving them out completely with regards to *, %- *) 3*/, -% !
retail bank’s operations on The Rock to bring the idea to fruition. lending facilities, overdrafts - not wanting to
Just ahead of the launch, Ray Spencer set about finding out how extend certain facilities. That is the main
complaint coming from the business world ,*+!,.3 5 (%'3 5 *,+*, .! *((!, % ' 5 2 .%*)
the new publicly-owned bank is likely to progress
here in Gibraltar.” %.%# .%*) 5 ,/-.- 5 %''- ,* .! 5 $%++%)# 5 ,%0 .! '%!).
awrence Podesta, chief executive of the Hence, “it is difficult to say when we will be GIB is uncertain about current local
L
5 ! '.$ ( ) #!(!). 5 +*,.- ' 1 ( ) #!(!).
new Gibraltar International Bank (GIB) profitable: we have to see how the first few business loan interest rates, but in principle
that opens in May is emphatic: “The months go to the end of the year and that aims to at least match those presently
*, "/,.$!, %)"*,( .%*)
steer from the government is pretty clear; should give us a strong indication”, explains available. Charges for handling personal *). . %)"* %-*' - #%
they want an independent bank run on a Podesta. accounts however, will be similar to other
commercial basis. banks, although tariffs will favour clients
“I can safely say, we are setting up what Profit by Year 3 who use automated systems - on line
is a commercial entity with the intention of But this self-effacing career Gibraltar banker banking, mobile banking, etc.
making money for the shareholder and it will – he first joined Barclays locally as a 16 year
not be a bank that provides services for free, old from school – has a keen idea of what Not here to undermine
which is what some people may think; it is may be possible. “Certainly, if we say Relationships with both other retail lending
there to make money,” he asserts. this is the first year, I would like to see banks - NatWest and the Danish Jyske –says
[the Bank profitable] definitely by the GIB are “excellent, and what we want to do *,.' ) */-! ' %- * *2 % , '. ,
third year, maybe sooner.” is form part of the retail banking community !' 111 #% , '. ,' 13!,- *(
Some income will come from deposits in Gibraltar to give clients a choice. We are
and management of the Bank’s own funds, not here to undermine the other banks. We
but the initial thrust to bolster revenue will be don’t want to unduly upset anybody”.
on the lending side. Fees and commissions It helps that Podesta - a sportsman who
for payments and services provided by until age 38 was a keen footballer playing
operating as a normal retail bank will latterly for Gibraltar’s first division team -
generate “substantial amounts of revenue”. has known the key bankers over many years,
By mid-April, GIB had attracted 3,500 and is described by his peers as “a hands-on,
account applications - 25% are business - open individual with the ability to juggle
most from amongst the 17,000 former well, differing and sometimes competing
Barclays customer accounts. “We would priorities”.
have been happy with around the 4,000 With ATM machines inside and outside
[accounts] mark to start. We are a bit short, of the new GIB banking hall, further cash
.0%#)1)-, #-,2),3)26
Looking for Podesta (55) counters what some have but having said that we still have time to go,” machines are likely elsewhere in Gibraltar
community thought might give rise to ‘unfair’ competi- Podesta insists. within a year, plus credit cards – “there’s a
support: Derek
tion in the wake of the imminent withdrawal One problem has been that until the huge demand” – to complement the VISA
Seine GIB chief ),$)1.%,1!"*% /3!*)2)%1 -& ! #-+.!,6
operating from the Rock of Barclays retail bank. “We bank had been finally signed off by the debit cards being offered from the outset.
officer, and are all conscious that this [GIB] bank will Regulator and physically is open in its The son of a revenue inspector (now $%$)#!2%$ 2- 1!&%'3!0$),' 6-30 !11%21
Lawrence not make money in the first year, certainly. Main Street premises, GIB cannot delve known as Customs Officer), whose family &-0 2-$!6 !,$ &-0 &3230% '%,%0!2)-,1
Podesta, chief "There are a lot of start-up costs, which into customers’ potential requirements, originated from Genoa, and a Spanish
executive
are one-time, and it will depend very much particularly with businesses. Special mother, Podesta and a twin sister were the
on how the Gibraltar community takes to this interview times were being identified for youngest of five children. His formative
bank,” points out Podesta, who joined GIB members of the Gibraltar Chamber of years are reflected in his continued broad -+.!,6 %#0%2!0)!* %04)#%1
after 18 years with private bank Lombard Commerce and the Federation of Small taste in music, confessing to be a fan of The %!*2( !,!'%+%,2
Odier (Gibraltar) at the invitation of Businesses, and all professional associations Eagles, Bruce Springsteen, Bob Dylan and 03121 -3,$!2)-,1
Financial Services Minister, Albert Isola. have been targeted too. also Fleetwood Mac, who he has booked to
“I mean, if we have the support of the “When these accounts are in place - see perform live in London this summer.
3,$ $+),)120!2)-,
community then obviously it will be when we open - they will need overdrawing Aged 18, school leaver Podesta very !#(2 %')120!2)-,
easier for us to create revenues, hence getting facilities, they need loans, they need to place nearly rejected Barclays; he had job offers
into profit as soon as possible.” surplus cash, but we will not know [how too from HM Dockyard and the government.
Starting from scratch required a lot of much] until we open the bank”, Podesta But he was persuaded by elder brother
assumptions; “we have no friends we can admits. Ernest (now deceased), who was already
call on and say look, what can we expect”. But then, he quietly reveals: “The Continued page 12 -02*!,$ -31% *!#)1 )"0!*2!0
%* ),&- &)$3#)!06'0-3. #-+
555 &)$3#)!06'0-3. #-+
10 Gibraltar International www.gibraltarinternational.com
Banking
Continued from page 10 of doing it all themselves”. succeed, despite his quiet demeanor.
working for the bank, (and who in the early Asked whether GIB would assist Lombard Odier, where for most of his
1980’s went on to open Barclays’ businesses from outside wanting to set-up in 18 years Podesta was Chief Operating
Argentinian and Portuguese operations). Gibraltar, Langston observed: “I see no Officer, provided a different, almost steely,
“He said I would enjoy it and in truth I never reason why not – initially we must let the grounding, in management of wealth and
looked back”, Podesta recalls. By the early new bank settle down and learn to walk involved investments, settlements with
90’s Earnest was in Madrid responsible for before running. But no-one is going to brokers and having knowledge of stock
Barclays in Portugal and Gibraltar decline a sound business proposition.” market trends, etc. As he recalls, “it was an
– effectively, Lawrence’s ultimate boss. Podesta is pragmatic. “If something experience that certainly pushes you to the
Over 20 years, Podesta progressed at comes our way and it is good business, we limit to be a better professional”.
Barclays, beginning with two years will do it, but our focus will not be on that. With a team of investment experts,
induction. “You see there weren’t any We will not be active in encouraging [non- Podesta first had to determine the experience
computers at the time; you saw everything at Gibraltar-based business], nor have our and knowhow of clients – often with
first hand and you learnt to understand all the teams been looking for it; our immediate role £20-120m personal wealth - seeking a
different facets and things that happen is to see to the local demand first.” But in complex portfolio setup. “You need to come
within a bank”. It was a huge advantage and two or three years’ time things may be differ- to conclusions on whether what you can
one, he notes, that with centralisation of bank ent, he says, depending on the view of the offer those clients is the right product – not
activities is not available locally today. nine-strong Board of Directors, and the only for the investments that will make
Being good at mathematics, Podesta government shareholder appetite for it. money for the client, but also from the risk
prepared balance sheets for Fears that the government, having perspective, (because they might not be
Barclays Gibraltar operation; invested £25m to launch GIB, might try to aware of certain pitfalls), and also, more
everything was fed to him on influence lending direction – to provide importantly, the risk the bank would be
paper, and there were only man- loans for homes when other banks have head taking in advancing those products” Podesta
ual calculators. “Hence my office-imposed quantity or type restrictions, emphasises.
understanding of balance sheets for example - are (perhaps, predictably) Displaying humility, he adds: “You
was so good: that was a huge firmly brushed aside. There is the new EU form part of a team, but you feel important
experience for me – I always banking solvency capital requirement known because the task at hand is delicate, it could
enjoyed working with figures”, as Basle 3, to be observed. cause problems for the client, it could cause
Podesta muses. And then after problems for the bank, and you are involved
becoming financial controller Prudent, but flexible in it all. It is not the same, giving a loan to
Not going to and human relations manager, he became There will be defined concentration risk someone wanting to buy a car.”
decline sound head of retail lending and securities for parameters and the regulator will expect GIB
business: advances, before leaving in 1996 for to have a cautious policy in place, which will Wealth portfolio vision
Albert Langston,
Lombard Odier. limit lending capabilities, Podesta agrees. Hoping to put that knowledge to good use,
GIB chairman
That mix of experience in retail and However, “we are not going to be drastic in Podesta reveals that “if all goes well, in a few
private banking gives Podesta an edge, the limits that we set”, he maintains, years time we may consider having a wealth
believes GIB chairman Albert Langston, “because the tendency in Gibraltar is to go management arm, but that will be dictated by
another career Gibraltar banker who before towards the lower end. We will be prudent - the market, the vibes from the community,
retirement in 2010 was chairman of Lloyds maybe a little more flexible.” whether there are any services that we could
Bank (Gibraltar). Marcus Killick, Gibraltar’s long-time set up for an investment portfolio team.
At Podesta’s request the Board is a Financial Services Commission chief “We have the infrastructure for it, even
cross-section of senior professionals from executive until February last year (and a GIB though initially we are not going to use it.
the financial community, including two Board member), suggests: “Given its That will be a possibility”, he proclaims,
accountants, two lawyers, the former position and local knowledge of the market, “but again it will depend on the
financial services regulator and the owner of GIB may be able to fine tune its offering.” [government] view on whether it wants us to
the hugely successful Marks & Spencer However, he cautions: “Critical will be the diversify or not, but certainly it is something
franchise locally. The Board on which level of deposits, which will determine the worth considering.”
Podesta sits also includes his No 2, GIB amount that can be lent – you cannot lend “We are here to plug the hole left by
chief operating officer, Derek Seine, who for what you haven’t got.” Barclays, obviously, but the main message is
40 years also worked for Barclays locally, Podesta notes: What we are saying is that we are a local bank, with decisions taken
latterly as head of personnel & premier that we will make [loans for business] tailor- locally. It’s our main strength – we know the
banking. made obviously, as far as we can. Some of people, we know the businesses set up. We
Langston’s impressed with what has the reasons why lending has been refused, are not government, we are not Civil
already been achieved, “particularly when overdrafts, etc., by other banks are, frankly, Service,” Podesta asserts.
you think that when setting up a new quite ridiculous.” Preparing for opening is one thing, but
banking operation from a larger organisation This surprisingly frank observation of the more important question Podesta sees
you have always got existing procedures in other banks’ activities, given the declared is “when we open, will the Gibraltar
place and have some assistance from head aim of not wanting to “undermine” them, community support us?” That, he accepts,
office – they have the very challenging task reveals Podesta’s steely determination to “is more difficult to control.”
12 Gibraltar International www.gibraltarinternational.com
Overseas offices Bangor Business School – Ex
Executive
ecutive Educ
Education
ation
EU uncertainty tempers overseas
Chartered
Chartered Banker
Banker MBA
MBA
economic successes
2014 proved to be a significant year
for expansion of Gibraltar’s overseas
American representative to garner political
support, but he also promotes “the attraction
of business opportunities and commercial
affect Gibraltar’s position in the European
Union and we must be there to meet those
challenges”, he explained, pointing to Spain’s
Cutting Edge and
representation politically and for
business development, but this year
is likely to play an even more critical
investment in Gibraltar”. Holland & Knight,
a law and lobbying specialist agency, was
appointed in May to raise Gibraltar’s profile
before the Executive and Legislative
decision to abandon a 2006 Cordoba
agreement with Gibraltar that has seen efforts
to exclude Gibraltar Airport from EU civil
aviation legislation, which he told MEPs
Innovative Learning
role
ames Lasry, Chairman of the year-old
branches of the Government in Washington.
A mix of politics and business
would be “illegal and contrary to the [EU]
Treaties”. Spain was also hindering the free
for the Financial Services Sector
J AMCHAM (American Chamber of
Commerce) Gibraltar group told
Gibraltar International in April that
generation is on the agenda too for signifi-
cantly expanded EU representation. Last
October former South West & Gibraltar MEP,
movement of people at the La Linea border.
Two Gibraltar exhibitions - accompa-
nied by numerous meetings with EU politi-
following a US trade mission by ten firms in Sir Graham Watson, was appointed to lead cians and officials and media - have been held
November, “we have a couple of big deals and direct lobbying from new, larger Brussels at the Brussels Parliament. The first - in June
that are still cooking – deals in the areas of premises, as well as “facilitating the promo- 2013 - marked the 300th anniversary of the
energy and renewable energy that will really tion of business in Gibraltar”. Sir Graham’s signing of the Treaty of Utrecht, which gave
impact on Gibraltar in a big way”. emphasis is on relations with the European Gibraltar its British credentials, as well as the
“They are subject to a Parliament and MEPs elected last year, and 40th anniversary of Gibraltar’s entry into the
tender process that began last with the new European Commission, European Economic Community (as then) as
May; if successful, they will enhancing communication with the UK’s a European Territory for whose external
mean millions of pounds of Permanent Representation to the affairs a Member State [the UK]
inward investment”, promised the EU (UKREP). was responsible.
Hassans lawyer. The Rock’s business Gibraltar engages with the
AMCHAM Gibraltar – now
with 27 member firms – was
interests with particular EU
significance include eGaming,
EU directly, because it otherwise
relies on the UK to represent its
Now
promoted by Chief Minister, taxation, aviation, environmental interests. As part of mainland Recruiting
Fabian Picardo, to give impetus to and maritime matters. Sir Europe, Gibraltar is able to
A whole host of his push for inward investment from beyond Graham - an MEP for ten years - passport financial services such for Autumn
EU issues: Dr
traditional (principally, UK) markets. arranged meetings with the as funds and insurance through-
Joseph Garcia,
deputy chief Picardo said in the Gibraltar Parliament and Commission in out the 27 EU countries:
2015
minister and
Minister for
International interview nearly 18 months ago: April for Garcia’s second “Gibraltar may have more
European Affairs “I think you can expect to see great interest Brussels visit this year, to include A mix of politics and business: appetite for more Europe than the University
Bangor Univ ersity Business School is cconsistently
onsistently rranked
anked as one of the
from US commercial entities seeing what the latest developments relating Sir Graham Watson leads
Brussels office
UK in the coming years”, Picardo
they can do in Gibraltar with access to the EU to Gibraltar’s position in the EU. has emphasised.
Top
T Universities
op Univ Europe
ersities in Eur Top
ope and in the world Top 20 ffor
or its Banking rresearch
esearch
and also to North Africa, which is becoming It was timely: Picardo had controversial- Dr Garcia admits the Brussels office (Federal
(F Reserve
ederal R Louis/RePEc,
eserve Bank of St Louis/R ePEc, 2015). The school is also rranked
anked
increasingly important to the US.” ly just called for each part of the UK to have focus will be mainly political, but said: “There independentlyy in the top 25% of UK business schools ffor
independentl or its Business and
Since establishing representation in an individual say in negotiations if there is to is scope for commercial and economic
Washington in 2012, several high be a vote on Britain’s possible EU exit – activity as well and many of the issues that the Management rresearch Education,
esearch (Times Higher Educ ation, 2015).
profile visits by the Chief Minister something that will become clearer after the office will touch upon, like aviation, the fron-
and his deputy, Dr Joseph Garcia, UK General Election on 07 May. “The only tier and tax, will have a clear economic
has given Gibraltar greater existential threat to our economy is one where impact as well”. • Study the global, part-time Chartered Banker • The Chartered Banker MBA would benefit ambitious
prominence. we are pulled out of the European Union EU representation is being modelled on MBA and gain the dual award of a top MBA in individuals in the financial services sector
The pair have met with against our will and denied access to the the success of Gibraltar House in London’s
the Council on Environmental single market,” he told the Financial Times in Strand: it has been “essential to maintain the
Banking and Finance with a top University in • Early enrolment incentives and part funded
Quality in the White House and an interview. position there and to lobby for Gibraltar on Europe and Chartered Banker Institute scholarships available for selected routes
outlined Gibraltar’s aim for The push for greater EU recognition the different political issues that arise”, Dr
Albert Poggio, carbon neutrality, including changing power began under the previous administration. Garcia opined. FOR MORE
ORE INFORMA
INFORMATION
ATION
TION AND
London office
director, received generation fuel from diesel to gas to reduce However, “it is true to say that the Brussels But it wasn’t always so. As London
an ‘Honorary emissions and introduction of alternative office had been downgraded in the past and office director, Albert Poggio, recounts:
ENROLMENT CONTACT:
ENROLMENT CONT
TA
ACT:
Diplomat
Initiative Award energy sources. that this Government has chosen to upgrade it “Initially, when I began in 1988 we had Tel: +44 1248 365966
2015’ in March. Gibraltarian and long-time US resident, once again”, Dr Garcia told Gibraltar opposition from the Foreign Office, which E: cbmba-admissions@bangor.ac.uk
Joe Carseni, a member of the Gibraltar- International. didn’t want us working in London and didn’t
American Council, was appointed The Rock’s “There are a whole host of issues that Continued page 24
www.charteredbankermba.bangor.ac.uk/admissions
14 Gibraltar International www.gibraltarinternational.com
Insurance
Change, Challenges and Opportunities
for the Gibraltar Insurance Industry
By Derren Vincent, Executive Director, Willis We have seen a deliberate increase in business to the UK. This is a reminder of the
Management (Gibraltar) Limited this type of ‘active’ communication on a increasingly sustainable role of ILS within the
variety of topics with industry which is both wider global industry. Cat Bond investors are
s part of the preparatory welcome and essential to steering a course keen to take more risk and competition is
A phase for the new
‘Solvency II’ regulatory
regime effective on 1st January
through the biggest regulatory challenge ever
to have hit the European insurance industry.
Solvency II becomes ‘live’ on 1st
healthy to avoid syndication of risks
Whilst the short term looks good for our
Gibraltar insurers in terms of the cost of their
2016, insurers were required to January 2016 bringing with it numerous treaties, we might speculate that with an ever
submit their Forward Looking challenges for both the regulator and changing global reinsurance market, Gibraltar
Assessment of Own Risks regulated alike, not least due to the release of is now positioned well as a jurisdiction of
(FLAOR) by the end of 2014. guidelines and guidance by Europe at a choice for locating a reinsurance vehicle. In
The FLAOR is essentially relatively late stage in the process. As such, this regard, the FSC has specifically issued
an embedded and documented much clarification and work remains in 2015 clear ILS Guidelines in consultation with
risk management process which will consume a large amount of leading ILS practitioners. It is also pleasing to
whereby firms continually identify, assess, resource in order to ensure that Gibraltar see that the Gibraltar Stock Exchange (GSX)
and (re)evaluate risk with reference to their remains a compliant jurisdiction. has recently announced the listing of its first
defined risk appetite and tolerance. Continued partnership with the FSC fund. This low fee, fast to market offering
Some of those risks identified, not least will ensure that we achieve our required complements the Gibraltar ILS proposition.
the underwriting and reserving risk, will be outcome and thus preserve our reputation for Under Solvency II insurance regula-
specific to the companies business models.
Others that arise are reflective of wider
industry risks and challenges.
EU compliance. Evidence emerging from
other EU jurisdictions suggests that despite
the best of EU intention, the playing field
tions, the quantity of regulatory capital
required to support insurance businesses has
generally become greater. This is not a
Co-location
Premier co-location facility
Here we highlight just a few of the
identified risks which are common to all
firms, often interlinked, and relevant to the
remains less than level elsewhere in terms of
requirements relating to the preparedness
towards Solvency II compliance. Gibraltar
challenge unique to Gibraltar and will no
doubt herald a period of merger and
acquisition activity across Europe including
Co-location brought to you by Gibraltar’s
specialists in enterprise
challenges facing the Insurance industry
today:
intends to remain safely on the compliant side
of the playing field.
the raising of additional capital in different
shapes and forms. Co-location Internet solutions
• Regulation Regardless, anecdotal evidence suggests
• Capital and Reinsurance Capital and Reinsurance that these new capital levels are not a barrier
• Human Resource According to recent commentary from the to Gibraltar doing new business. Established The Sapphire advantage is now also Power
• Reputation reinsurance broking fraternity, the 1st April insurance groups seeking speed to market for available for hosting services
renewal season continues to follow the additional capacity, or simply a foothold in the
Modern, redundant power
Regulation current trend of the market favouring the EU insurance market, continue to show • Space immediately available in generation plant
The Financial Services Commission (FSC) buyer. As such, reinsurance markets are genuine interest in establishing their vehicles Gibraltar's latest co-location data
launched their three year Strategic Plan at the seeking to implement major changes in their in Gibraltar. Capital Market commentators for centre Cooling
end of 2014. Their Vision of “being the strategies and business models. Joint ventures example, suggest that Asian investors also • Designed and built specifically Gibraltar’s only resilient, chilled
model international financial services regula- accessing lower-cost capital and M&A continue to be highly active in searching water-cooled hosting facility, with
for the e-gaming industry, with
tor” resonates well with our marketing objec- activity is evident which may prolong the soft for insurance investment opportunities in
unmatched standards of additional DX system providing full
tive of attracting to Gibraltar a greater level of market. Diversification of portfolio and speed developed insurance economies.
investment and diversity of business model. of execution is becoming a key competitive So, for companies with access to capital,
resilience to deliver your global N+N redundancy
There is also evidence that the key messages advantage. the Gibraltar proposition of ‘speed to licence’ services without compromise
Environment
were well received outside of Gibraltar. Insurance Linked Securities (ILS) funds and accessibility of the regulator continue to • Ideal location in the heart of the
Key for licensees and prospective and managers are also affected with some be attractive. business district, with access to Ideal environment - clean with
licence holders is the FSC’s Mission of smaller stand alone business models under Gibraltar's leading stable temperature and humidity
“providing regulation in an effective and duress. Experts observe that they are evolving Human Resource telecommunications throughout weather extremes,
efficient manner”. Their Strategic Plan into a more traditional reinsurer model at the A professionally qualified workforce is
infrastructure delivering Gibraltar's optimal
advises that organisational re-structuring is expense of diluting the differentiation of their fundamental to underpinning reputation,
underway with further strengthening of their offering which has been so attractive to market confidence and consumer protection. • Located in a modern building mitigation for summer
senior team and sector specialisms planned. primary buyers to date. The FSC have already made reference to with 24x7 onsite support heat/humidity and winter storms
Recent ‘Authorisation Workshops’ have Against this background the UK strengthening their own senior team and
been held with industry to explain the Government have announced that it will work sector expertise. The recent report issued by
‘stream-lined and un-bureaucratic risk based with the (re)insurance industry to develop a the Gibraltar Insurance Institute (GII)
authorisation process. competitive tax structure to attract more ILS Continued page 26
www.sapphire.gi
+350 200 47 200 - info@sapphire.gi
Suite 3.0.3 Eurotowers, PO Box 797, Gibraltar
16 Gibraltar International www.gibraltarinternational.com
Funds
Gibraltar: the Key to Europe for
US and Asian Fund Managers
Bringing
Funds (EIF) regime for those funds and
By James Lasry, Vice Chairman of
managers that are out of scope of the
GFIA and President of the Gibraltar Directive while allowing those that wish to,
American Chamber of Commerce in order to avail themselves of the EU wide
marketing passport, to opt in to the AIFM
T
he advent of the Alternative
Investment Fund Managers Directive
(AIFMD or the Directive) has
dramatically changed the scope of services
regime even if they are below the de minimis
thresholds. Obviously those that opt in will
have to abide by all the terms of the AIFM
regime as if they had been in scope.
to the fold
that European finance centres, such as The streamlined authorisation process
Gibraltar can offer non EU managers (such for EIFs should not be mistaken as light
as US, Swiss and Asian managers). regulation. The authorisation process may be
In the past non EU managers would quicker due to the fact that EIFs require two
market funds to European investors via the jurisdiction that allows for the pre- directors on each board that are resident in
private placement regimes as it was almost authorisation launch of a fund, as Cayman Gibraltar and which are authorised by the
impossible to get these funds authorised in does. FSC to act as fund directors. Furthermore,
the various European jurisdictions. The the documentation must be signed off, both
AIFMD has caused a significant tightening Permissible distinctions – by senior Gibraltar Counsel and by the fund
of many of the private placement regimes in Gibraltar’s advantage administrator. Once the fund is authorised,
Europe. In fact, under the Directive, they are The national private placement regimes, the FSC has a plethora of investigatory and
to be phased out by 2018. Therefore, for non which under the Directive are to be phased enforcement powers.
EU managers to market their funds out by 2018, have already begun to be Gibraltar is fast developing into an
in the EU, they must rely on what remains of tightened by some of the member states. In international funds jurisdiction focussed
the private placement regimes or on a con- Germany, for example, a market which is not both on small managers and managers which
cept known as ‘reverse solicitation’. insignificant, it is nearly impossible for a wish to market within Europe. Gibraltar held
The safest way for non EU managers to non-European fund to use their private its first international funds conference in
market into the EU is for them to set up a placement regime. A European fund on the April which attracted participants from Full range of
European fund that can be passported into other hand can use Germany’s private EFAMA, BaFin, AIMA, GSX, Goldman fixed, mobile and
fixed,
other EU jurisdictions. Depending on the placement regime even if it is out of scope of Sacs, Citibank, Society Generale Newedge,
strategy this will be either a Ucits fund or an the Directive simply because of the fact it is BNP Paribas, Laven Partners, Schulte Roth
internet ser vices
services
AIFM fund. In either case it can be domiciled in the EU. For this and other & Zabel, Kaye Scholer and Norton Rose.
legitimately promoted to the appropriate
European investors.
‘
reasons, we are seeing US managers setting
up parallel or master AIFs (as opposed
Gibraltar is fast developing into an international funds
The Gibraltar Funds and Investments
association under the leadership of Joey
Garcia is working hard along with the
Government of Gibraltar and the FSC to
‘
raise Gibraltar’s profile from being one of
jurisdiction focussed both on small managers and Europe’s best kept secrets to a jurisdiction
managers which wish to market within Europe which people recognise as a sound, safe and
business friendly place from which to do
It stands to reason that in their search to feeder) in Gibraltar and other EU business.
for European vehicles for their funds, non jurisdictions in order to assist with their Ultimately, the Alternative Investment
EU managers, particularly those in the US, European marketing efforts. Fund Managers Directive has provided
should look to the jurisdiction which is The Gibraltar approach to these issues, European jurisdictions and particularly
closest legally, and in regulatory approach to following an in-depth consultation involving Gibraltar with an opportunity to genuinely
what they are used to in the Cayman Islands. a collaboration of government, the add value to non EU managers in the
Gibraltar being a common law jurisdiction Financial Services Commission (FSC), and marketing of their funds to the EU – a
with the UK Privy Council as the ultimate the Gibraltar Funds and Investments market of 520 million people.
Court of Appeal and with English as its Association (GFIA), the representative body www.gfia.gi
primary language, is likely to cause less of a of Gibraltar’s funds and investment indus-
culture shock for US managers who have tries, retains as much flexibility as possible
decided to use a European vehicle. as is offered by the Directive. Accordingly
Furthermore, Gibraltar is the only European Gibraltar has kept its Experienced Investor
| |
18 Gibraltar International www.gibraltarinternational.comGaming
sector’s most recent challenge, and
When it comes to
A programme for the future: potentially biggest opportunity, the
the 2015 KPMG eSummit, Gibraltar
blockchain 2.0 will always provoke an
enthusiastic response as Gibraltar considers
crypto-currencies and block-chain based
legal advice...
By Micky Swindale, Managing fuel for rapid innovation within the sector, decentralised applications as a potential
with companies forced to reconsider their addition to its tech-economy. With potential
Director, KPMG Gibraltar operations, diversify tactics and technologies, applications that span beyond its traditional
n the final panel of the and recruit the skills to support them. Market pairing with remote gambling to also
I KPMG eGaming Summit in
Gibraltar in April 2014,
one of the gaming CEOs
share has significantly broadened overseas as
new global markets open up, but even putting
operator revenue aside, one need only look to
encompass FinTech, video gaming, social
media, even contract negotiation, all balanced
against ongoing media speculation as to its
neatly summed up what I local investment to catch a glimpse of security, this fascinating technology will, play
believe to be the crucial appeal Gibraltar’s bright eGaming future. The a part in Gibraltar’s future directly or
of eGaming. “I’ve never seen completion of the final stages to Continent 8’s indirectly. Judging by the response to
an industry in which the multi-million data centre, for example, is an KPMG’s crypto-currencies seminar held at
people are so agile, resourceful, exercise which will future proof Gibraltar’s the Sunborn Hotel, Gibraltar in December last
and resilient”, went the data infrastructure against expected growth, year, this is technology that mystifies
concluding sound bite; “of course, we are while the recruitment sector continues to audiences through both its complexity and
going to see some change…but it will accept attract some of the world’s sharpest talents, potential.
those, it will find resolutions, and it will be both executive and technological, in the face
stronger and better for it.” of huge decline elsewhere. As long as this Responsible gambling
Such is the resilience of the online stellar reputation remains, Gibraltar’s gaming With the Fourth European Money Laundering
gaming industry since its rapid acceleration industry is a sure thing, and we’re proud to Directive text now finalised, including further
from the early 2000s, and I believe this play our part. changes to customer and client identification
ability to respond and to evolve with such requirements and reporting thresholds,
success can be attributed equally to the eGaming summit coupled with the imminent arrival of the
enormous range of industries that eGaming It was with this sentiment in mind that KPMG Payment Services Directive 2; identifying the
encompasses. Online gaming has not just prepared the programme for Gibraltar’s fifth most efficient and secure payment methods
been at the forefront, but has played a critical in a series of eGaming Summits, in April. Our for gaming operators has also been a top
role in determining the broader future of areas organisers naturally found themselves priority for some time now. The panel session
as diverse as multi-lateral regulation and curating a programme set to delve beyond on ‘Emerging Payments’, moderated by
legislation, taxation, telecommunications and eGaming to include first hand, expert insight Andrew Johnstone of MasterCard, was an
power infrastructure, public and private sector into the many industries that define online excellent addition to the programme and one
cooperation, media and financial technologies gaming in 2015. Of course, it quickly became sure to provoke those who haven’t already
and, crucially, consumer protection. It is an
industry in which businesses, indeed nations,
impossible to squeeze every presentation into
one room, indeed even into one day, but we
into considering the very real impact that both
directives will have on their businesses. Very
...Hassans leads the way
working together has become a matter hope our 200 plus delegates agreed that the few in the regulated eGaming industry today
of mutual necessity over individualist new KPMG eSummit spanning across two fail to recognise the significance of social
diplomacy, and one that has laid the days, with an invitation-only gala dinner responsibility and its role in the perceived
foundations for eCommerce as we know it generously hosted by the Government of maturation of the industry. So the opportunity International Lawyers
today. Gibraltar, could not be considered anything to hear the Senet Group give an insight into
In Gibraltar alone, despite being forced other than positive for the industry. their progress towards becoming to the
to adjust to announcements concerning the Delegates were no doubt also pleased to gaming sector what the Portman Group is to
UK’s Point of Consumption tax regime, the find that some of the old Gibraltar Summit the alcohol industry was of particular interest
industry has gone from strength to strength, favourites made a return to this year’s to local operators, as was Featurespace’s
with the confidence of its regulators programme. As a testament to its unfailing explanation of their recent work with the
increasing in kind. Private and public sectors support of the domestic eGaming economy Responsible Gambling Trust. Responsible
at home and abroad remain absolutely assured over the years, the Gibraltar Government’s gambling is another area where the Gibraltar
of Gibraltar’s reputation and of its Minister for Financial Services and Gaming, government are showing early leadership as g
commitment to spearheading new measures the Hon. Albert Isola offered another spirited the Honourable Gilbert Licudi, Minister of
deliver a service consistent with old world
and depth of experience…” Legal 500 EMEA,
for consumer protection, transparency and opening address before introducing Education, outlined the courses that the values of customer care whilst combining
innovation, with some of the world’s largest the review of gambling regulation in University of Gibraltar will offer to operators 2014 Edition.
operators such as UK owned bet365 ready to Gibraltar where moderator and Gambling in this area. professionalism with pragmatism. Our clients
relocate its operations domestically. Commissioner Phill Brear joined Gibraltar’s www.kpmg.gi
key legal experts to discuss Gibraltar’s get what they need, when they need it. Hassans - 75 years in Gibraltar.
Gibraltar’s gaming industry progress as one of the world’s best regulated
In fact, in many ways the challenges jurisdictions.
Gibraltar’s licensees have faced have acted as Preston Byrne’s discussion on the TAX PLANNING • CORPORA
ATE & COMMERCIAL • FINANCIAL SERVICES • FUNDS • LITIGA
ATION • PROPERTY • TRUSTS
w
www.gibraltarlaw.com
ww.gibraltarlaw.com 57/63
57/63 Line Wall
Wall Road,
Road, PO Box
Box 199,
199, Gibraltar.
Gibraltar. +350
+350 200 79000
79000 • +350
+350 200 71966
71966 • business@hassans.gi
business@hassans.gi
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