Newsletter - July 2017

GFIA Meetings Update

Executive Meeting

The next Executive meeting will take place on the 17 August 2017.

Meeting with the GFSC

The next meeting with the GFSC will take place on the 24 August 2017. Please contact GFIA’s Executive Coordinator, Monica Laso, if you have any matters that you would like the GFIA Executive to discuss with the GFSC on your behalf.

Marketing Subcommittee Meeting

David Diez de Artazcoz, head of the marketing committee, has organised a meeting on Wednesday 2 August 2017 between 10:30am and 12:30pm at the Finance Centre boardroom for the members to discuss planning for a HMGoG/GFIA trip to Switzerland. The agenda for the meeting is (i) format of the events, (ii) topics for discussion at the events and (iii) speakers.  If you wish to attend the meeting, please contact Monica Laso. 

Training Session

Financial Promotion Training Video

On 21 July 2017 members attended the financial promotion video training session provided courtesy of Sturgeon Ventures LLP (London).  The session was well attended; GFIA has received positive feedback from several attendees.

4MLD and the Private Central Register of Beneficial Ownership

On 26 June 2017 the fourth Anti Money Laundering Directive was transposed into Gibraltar Law.  This included the sections dealing with a private Central Register of Beneficial Ownership.

As regards timing of submissions, the requirement is for information relating to new incorporations entities (from the date of transposition 26 June 2017) be submitted within 30 days.  Information relating to companies/entities already existing prior to the date of transposition need to be submitted over the course of the next 6 months and the Finance Centre together with the HMGoG Information Technology Department will be working with the industry to this end.

The link to the portal that has been created for this purpose can be found  This link also contains a direct link to the regulations themselves.

The Finance Centre commented “We should be grateful if you could familiarise yourselves with the regulations, the forms and the portal. Technical queries on the portal should be addressed to This email address is being protected from spambots. You need JavaScript enabled to view it..”

Small Scheme Managers

GFIA has been working closely with the GFSC and HMGoG on the creation of Gibraltar’s Small Scheme Managers regime. We are pleased to confirm that the new regime is now in force.

The body of the regime can be found in the Financial Services (Collective Investment Schemes) Act 2011 and the Financial Services (Collective Investment Schemes) Regulations 2011 (“CIS Regs”).

The new regime was gazetted on 27 July 2017 showing the changes to the:

• CIS Regs;
• Financial Services (Alternative Investment Fund Managers) Regulations 2013 (“AIFM Regs”); and
• Financial Services Commission (Fees) Regulations 2016.

As all will be aware, the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) was transposed into Gibraltar law on 22 July 2013 under the AIFM Regs. Unless they choose to opt-in, the AIFM Regs do not apply to managers who manage portfolios of alternative investment funds (AIFs) whose assets under management:

• including any assets acquired through the use of leverage, in total do not exceed a threshold of €100 million; or

• €500 million in the case of certain closed-ended unleveraged AIFs;

(“Small AIFMs”).

The Small Scheme Managers regime applies only to external Small AIFMs and has no impact on self-managed AIFs (e.g. self-managed experienced investor funds and private schemes).

Entities currently registered with the GFSC as external Small AIFMs and reporting under “Reporting Template – B2: External Small AIFMs” will be eligible to take advantage of the transitional provisions and thus may continue operating as an external Small AIFM for a period of 6 months from 27 July 2017. This is subject to an application for authorisation as a Small Scheme Manager being submitted to the GFSC within 3 months of 27 July 2017.

In addition to some basic conditions for authorisation and a minimum capital requirement of £15,000, Small Scheme Managers will, inter alia, need to comply with a set of basic operating conditions, have sufficient resources available and suitable systems and controls.

The GFSC application fee for authorisation is £3,000 and the annual fees are £4,640 + £300 per AIF managed by it.

We are currently liaising with the GFSC to hold a joint training seminar for GFIA members during September 2017.

Fund’s regime reform

GFIA’s funds regime reform recommendations are in the process of being drafted by HMGoG draftsmen.  Adrian Hogg and Jay Gomez have been in regular contact with Minister Isola and the GFSC in relation to the reform proposals which are expected to take effect in law during August 2017.

GFIAS’s new website

GFIA’s new website is now up and running!  On the new website you will be able to find information about events, seminars, notices and such like.  There is also a ‘reading room’ with marketing information that can be used by members as a resource and members will have the opportunity to arrange for relevant articles and reports to be uploaded on the website. There is also an enhanced GFIA member’s directory with logos and links to each GFIA member firm’s website (see; we are trying to add value wherever we can!