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Gibraltar – facts and important fund and regulatory information

September 12, 2008
- 2:09 pm

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FUND LEGISLATION

The Financial Services legislation in Gibraltar effectively divides the funds available in Gibraltar into four categories:

Private Funds – Companies Act, Limited Partnerships Act;

Experienced Investor Funds – Financial Services (Experienced Investor Fund) Regulations 2005;

Non-UCITS retail funds – Financial Services (Collective Investment Schemes) Act 2005, Financial Services (Collective Investment Schemes) Regulations 2006;

UCITS funds – Financial Services (Collective Investment Schemes) Act 2005, Financial Services (Collective Investment Schemes) Regulations 2006.

NUMBER OF FUNDS

There are 3 funds registered under the Financial Services (Collective Investment Schemes) Act 2005 as authorised funds in Gibraltar.

There are 38 funds registered under the Financial Services (Collective Investment Schemes) Act 2005 as Experience Investor Funds.

There are at least 30 Private Funds in Gibraltar.

NUMBER OF FUNDS BY CATEGORY

The figures below do not include Private Funds

Hedge	20
Private Equity	3
Property	9
Other Alternative Funds	2
Fund of Funds	7
Retail / General Public Funds	0

REGULATOR

Financial Service Commission, PO Box 940, Suite 943, Europort, Gibraltar.

SERVICE PROVIDERS

Law firms

Hassans International Law Firm, 57/63 Line Wall Road, PO Box 199, Gibraltar.

Isolas, Portland House, Glacis Road, PO Box 204, Gibraltar

Triay Stagnetto Neish, Burns House, 19 Town Range, Gibraltar.

Nunez & Co, Suite 10/4, International Commercial Centre, PO Box 516, 2A Main Street, Gibraltar.

Ellul Eric C & Co Barristers at Law, Suite 7, Hadfield House, Library Street, Gibraltar.

Administrators

There are 10 firms licensed as Collective Investment Scheme Administers under the Financial Services (Collective Investment Schemes) Act 2005.

Capita Financial Administrators (Gibraltar) Limited, Blake House, 19c Town Range, Gibraltar.

Fiduciary Fund Administration Limited, Suite 23 Portland House, Glacis Road, Gibraltar.

Grant Thornton Fund Administration Limited, 6A Queensway, Gibraltar.

Helvetic Fund Administration Limited, Suite 209 Neptune House, Marina Bay, Gibraltar.

PriceWaterhouseCoopers Accounting Services Limited. PO Box 559, 10/8 International Commercial Centre, Casemates Square, Gibraltar.

Quest Fund Administration Limited, 260/262 Main Street, Gibraltar.

Rock Fund Services Limited, Suite 11 1st Floor Portland House, Glacis Road, Gibraltar.

SBI, swissBEST INVEST Fund Administration Limited, PO Box 1254, First Floor, 1 Tuckey’s Lane, Gibraltar.

Velay Financial Services Limited, Suite 210 Neptune House, Marina Bay, Gibraltar.

Depositaries

There are 10 firms licensed as Collective Investment Scheme Managers or Depositaries under the Financial Services (Collective Investment Schemes) Act 2005.

ABN AMRO Bank NV, Suite 731-4, Europort, Gibraltar.

Bank J Safra (Gibraltar) Limited t/a Bank J Safra, PO Box 542, Suite 971 Europort, Gibraltar.

Credit Suisse (Gibraltar) Limited, PO Box 556, Neptune House, Marina Bay, Gibraltar.

Lloyds TSB Bank plc, PO Box 482, First Floor, Royal Ocean Plaza, Ocean Village, Gibraltar.

Lombard Odier Darier Hentsch Private Bank Limited, PO Box 407, Suite 921 Europort, Gibraltar.

SG Hambros Bank (Gibraltar) Limited, PO Box 375, 32 Line Wall Road, Gibraltar.

The Royal Bank of Scotland (Gibraltar) Limited, PO Box 766, 1 Corral Road, Gibraltar.

The Royal Bank of Scotland International Limited (Trading as Natwest), PO Box 707, 57/63 Line Wall Road, Gibraltar.

Turicum Private Bank Limited, PO Box 619, 315 Main Street, Gibraltar.

Auditors

Baker Tilly (Gibraltar) Limited, Suite 5, International House, Bell Lane, Gibraltar.

BDO Fidecs Chartered Accountants Limited, BDO Fiecs Group, PO Box 575, Montagu Pavilion, 8-10 Queensway, Gibraltar.

Benady Cohen & Co Limited, 1st Floor Garrison House, 3 Library Ramp, Gibraltar.

Deloitte Limited, 124 Irish Town, Gibraltar.

Grant Thornton, Suite 21, Watergardens 6, 1st Floor, PO Box 64, Gibraltar.

Moore Stephens, PO Box 743, Suite 5, Watergardens 4, Waterport, Gibraltar.

PricewaterhouseCoopers Limited, 10th Floor International Commercial Centre, Casemates Square, Gibraltar.

Local stock exchange

Not applicable, although one is being set up.

Local fund industry body

Gibraltar Funds Industry Association (the ‘GFIA’), c/o Hassans International Law Firm, 57/63 Line Wall Road, Gibraltar. Contact: James Lasry.

Promotion agency for funds/financial sector

Gibraltar Funds Industry Association (the ‘GFIA’), c/o Hassans International Law Firm, 57/63 Line Wall Road, Gibraltar. Contact: James Lasry.

DOUBLE TAXATION TREATIES

Council Directive 90/435/EEC European Parent Subsidiary Directive.

TAX INFORMATION EXCHANGE AGREEMENTS

Council Directive 2004/56/EC (Mutual Assistance Directive) – concerning mutual assistance by the competent authorities of the Member States in the field of direct taxation, certain excise duties and taxation of insurance premium.

ALTERNATIVE FUND, MANAGER AND SERVICE PROVIDER INFORMATION

TYPES OF ALTERNATIVE FUND VEHICLE

. Gibraltar limited company (open and close ended);
. Protected Cell Company;
. Unit trust;
. Limited Partnerships (LPs have legal personality in Gibraltar).

AVAILABLE TYPES OF CORPORATE VEHICLE

. Open and closed limited companies;
. Protected cell company.

TYPES OF REGULATORY FUND CATEGORY

. Private Funds;
. Experienced Investor Funds;
. Non-UCITS Retail Funds;
. UCITS Funds.

AUDIT REQUIREMENT (Y/N? LOCAL?)

Private Fund: No but highly recommended / No
Experienced Investor Fund (EIF): Yes / Yes
Non-UCITS Retail Fund: Yes / Yes
UCITS Fund: Yes / Yes

FINANCIAL STATEMENT REQUIREMENTS

A fund which is a limited company:

Large Company: must file full accounts including the balance sheet, profit and loss account, directors and auditors report. Large companies (two of the following): (i) a net turnover of over £19.2 million per annum; (ii) a balance sheet total of over £9.6million; (iii) average number of employees of over 250.

Medium Company: same as for large company but profit and loss account can be in an abridged format. Medium companies (two of the following): (i) a net turnover of up to £19.2 million per annum; (ii) a balance sheet total of up to £9.6 million; (iii) an average number of employees of up to 250.

Small Company: filing of abridged unaudited balance sheet only. Small companies (two of the following): (i) have a net turnover of up to £4.8million per annum; (ii) a balance sheet total of up to £2.4million; (iii) an average number of employees of up to 50.

REGULATORY FEES