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The Minister for Digital and Financial Services Hosts Seminars on Funds and Private Clients in London – 793/2019

By November 11, 2019 No Comments

The Hon Albert Isola MP hosted, on Wednesday 6th November, two financial services seminars at the Institute of Directors (IOD) in Pall Mall, London. These followed on from the Gibraltar Day financial services lunch, held the day before, which drew together some three hundred professionals at the Guildhall in the City.

The morning session at the IOD on Wednesday was a breakfast seminar, attended by some 140 specialists from both London and Gibraltar, designed to cover significant areas relating to the funds and asset management industry both in Gibraltar and the United Kingdom; particularly in light of the fact that, come what may regarding Brexit, there will continue to be a single reciprocal market in funds and financial services as between Gibraltar and the UK.

Following a broad welcome address by Minister Isola and a restatement of Government policy regarding the alignment of regulatory outcomes with the United Kingdom, Diala Minott from Paul Hastings LLP gave a keynote view of the spectrum of funds products and structures available across Europe and beyond; and which of those most appeal to different clients be they for example venture capital or classic debt funds. Ms Minott also specified that her firm was working closely with the Government in Gibraltar and the funds association as to an in-depth review, updating and the bringing into effect of cutting edge legislation on the Rock in this area of business. There followed a high level panel discussion chaired by James Lasry of the Gibraltar Funds and Investments Association. Panel members included Joanne Beiso from the Gibraltar Financial Services Commission, Pavel Stehno a Fund Director as well as Malcolm Palle from Coinsilium.

The afternoon seminar held at the same location concentrated on topics of specific interest to Private Clients and Family Offices; traditionally one of the most mature financial services sectors present in both the United Kingdom and Gibraltar.

Following the opening of the seminar by Minister Isola, the new CEO of the Gibraltar regulator Kerry Blight was invited to give his vision on how the Financial Services Commission works in partnership with industry whilst maintaining the highest regulatory standards.

 Filippo Noseda a UK based partner of the law firm Mishcon de Reya (as well being a visiting professor at Kings College London) gave a keynote address outlining some of the kinds of matters that high net worth individuals and families are currently concentrating on; including residence, taxation and international reporting, all clearly within a culture of compliance. A subsequent panel discussion with questions from the audience was chaired by Joey Imossi from the the Association of Trust and Company Management. Other contributors to the panel were senior partners from law firms in Gibraltar; Peter Montegriffo QC from Hassans, Melo Triay from Triay & Triay and Peter Isola from Isolas. The audience consisted of accountants, lawyers, representatives from family offices as well as other financial services professionals.

Minister Isola said, “these seminars represent just a part of the huge effort and emphasis being directed by HM Government of Gibraltar at financial services given the importance of this sector to our economy. London is a key market for our professionals and rightly so.”

Minister Isola was accompanied to the seminars by the Finance Centre Director, James Tipping together with Gibraltar Finance senior executives, Paul Astengo, Michael Ashton and Tim Haynes.