Govt explores ‘dual regime’ for funds
The Gibraltar Government is exploring a 'dual regulatory regime' for the funds sector in the event of a hard Brexit, one that meets EU-equivalent benchmarks on the one hand, and less prescriptive international criteria on the other.
The regime would seek to build on Gibraltar’s hard-earned reputation for transparency and compliance with EU and international regulatory standards, potentially opening up opportunities to work both with the EU as a third country and with regions further afield.
Albert Isola, the Minister for Financial Services and Gaming, revealed the strategy during a breakfast briefing to 180 fund administrators and investment managers at an exclusive private gentleman’s club in Pall Mall yesterday.
Mr Isola spoke of “resetting and rebooting” Gibraltar's approach.
“What we are looking at doing now is seeing to what extent we can cater both for the business that we currently have and the business that we’d like to attract moving forward, but not being tied down as we have in the past to the EU legislation in the event of a hard Brexit,” he said.
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