On 22 July 2013, Gibraltar Government transposes the EU Alternative Investment Fund Managers Directive into Gibraltar law, after the Minister of Financial Services, Albert Isola, signed regulations.
The rationale for this Directive is to establish commonality in the requirements that govern the authorisation and supervision of AIFMs within the EU. AIFMD is a new regulation, affecting investment managers, particularly those within the EU but also those that are external to the EU who wish to market their funds within it. It determines how such investment managers can conduct their marketing activity. Isola commented, “This legislation provides Gibraltar with an excellent opportunity and competitive advantage which should provide for further growth in this key area of our financial services industry. I am also very pleased to recognise and record my grateful thanks to my predecessor Gilbert Licudi who has been instrumental in our achieving this important milestone and whose drive and determination ensured that we met the transposition deadlines, working with the drafting team, FSC and the Funds Industry representatives.”