Newsletter - June 2017
GFIA Meetings Update
The Executive Committee, Chaired by Adrian Hogg, met on 15 June 2017 at the Finance Centre. The Executive is currently actively working on reform of the fund’s regime, MIFID II and the small fund manager’s regime. The next Executive meeting will take place on the 20 July 2017.
Meeting with the GFSC
The next meeting with the GFSC will take place on the 27 July 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.
Investment Managers Sub-Committee
The Investment Managers Sub-Committee met on the 2 June 2017 at John Mackintosh Hall to discuss and share views about MiFID II. The meeting was very well attended and there was much interesting dialog and interaction between the attendees.
The Administrators Sub-Committee chaired by Benjy Cuby met on the 13 June 2017 at Finsbury’s Offices. The meeting was very well attended and members shared their views on different topics such as: business environment, funds reform, upcoming events and training sessions, FATCA, the MLRO requirement for collective investment schemes. The next meeting will take place on the 12 September 2017.
Fund’s regime reform
GFIA’s funds regime reform recommendations were submitted to HM Government of Gibraltar and the GFSC on 8 May 2017. Adrian Hogg and Jay Gomez met Minister Isola on 14 June 2017 to discuss the proposals and met Minister Isola again along with the GFSC on 20 June 2017 in order to discuss and agree the reform proposals. Post agreement of reform principles at the meeting the draftsmen were instructed to draft GFIA’s proposals into the respective regulations. GFIA continues to liaise with Minister Isola and the GFSC in relation to the adoption of the reform proposals which are expected to take effect in law during July 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 https://gfia.gi/members); we are trying to add value wherever we can! We hope you like the new website; any feedback will be more than welcome.
Valuation on Financial Assets Seminar
On 23 June 2017 members attended the Valuation on Financial Assets training session delivered by Faith Howe (EY), Lalit Khatwani (PwC) and Abby Beniso (Deloitte). The session was very well attended; GFIA has received positive feedback from several attendees.
GFIA Social Meet Up
GFIA held its second Social Meet Up of 2017 on 29 June 2017 at My Wines (Chatham Counterguard). The next social meet up will be held during September 2017.
AML Training Video
On 7 June 2017, members attended an AML video training session provided courtesy of Sturgeon Ventures LLP (London). The training session was very well attended and feedback has been positive. The next video training session will be in respect of promotion (further details will be provided shortly).
GFIA Annual General Meeting
On 30 June 2017 GFIA held its AGM at the Sunborn Hotel. The meeting was chaired by Adrian Hogg, GFIA Chairman, who set-out GFIA’s achievements over the past and the strategy, goals and challenges for the year ahead.
Johann Olivera, David Diez de Artazcoz and Joey Garcia, the respective Chairs of Training, Marketing and Technical detailed the hard work that has been undertaken in their respective sections during the year along with plans for the future. Marketing, the challenges of MiFID II, Brexit and new funds development were recurring themes that will keep all busy over the coming year. GFIA’s audited financial statements were also presented at the AGM (copies are available upon request; please contact GFIA’s Executive Coordinator, Monica Laso).
EIF Directors Event (hosted by the GFSC)
On 22 June 2017 the GFSC hosted an EIF Directors event at the Finance Centre with speeches from Samantha Barrass and Adrian Hogg. The speeches were followed by a Q&A panel of Nicholas Butler, Tamara Viagas-Ozdemir, Julian Sacarello, Jim Neave and Adrian Hogg. After the event the GFSC hosted a drinks reception. Feedback from attendees has been positive with the majority commenting upon the developing constructive tone and approach of the GFSC to EIF Directors.
MiFID II Training Sessions – July 2017
(GBA and GACO)
The Gibraltar Bankers Association (GBA) and the Gibraltar Compliance Officers Association (GACO) have organised MiFID II training sessions for 5 July 2017 and 13 July 2017 respectively. Both events will be held at the Sunborn Hotel. Please contact GFIA’s Executive Coordinator, Monica Laso, for further details in respect of the same.