Gibraltar to change FA domicile rules
29 February 2012 Gibraltar
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The Gibraltar authorities are set to change the rules that currently require hedge funds to use administrators based on the island.
Currently, outside fund administrators are prohibited, but the new rules will create an approved list of outside administrators. These are expected to be some of the larger European providers with banking or credit backgrounds.
Gilbert Licudi, minister with responsibility for financial services in Gibraltar, said the move will encourage more fund managers to set up on the island and the authorities want to improve their relationships with outside administrators.
"We are keen to build partnerships with existing practitioners. It will be a proactive process with ideas and proposals to increase our profile and expand our product base," he explained.
"It is the government's desire to expand the financial services industry in Gibraltar," he continued.
Currently, outside fund administrators are prohibited, but the new rules will create an approved list of outside administrators. These are expected to be some of the larger European providers with banking or credit backgrounds.
Gilbert Licudi, minister with responsibility for financial services in Gibraltar, said the move will encourage more fund managers to set up on the island and the authorities want to improve their relationships with outside administrators.
"We are keen to build partnerships with existing practitioners. It will be a proactive process with ideas and proposals to increase our profile and expand our product base," he explained.
"It is the government's desire to expand the financial services industry in Gibraltar," he continued.
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