After a rigorous review and consultation process, the Limited Partnerships Act and the Protected Cell Limited Partnerships Act have now been commenced. The new framework reaffirms the jurisdiction’s commitment to constantly reviewing and evolving its funds legislation to suit the contemporary age.
As part ofthe process of reviewing and updating the funds legislation,the Government has worked closely with the Gibraltar Funds and Investment Association (GFIA) and the financial services regulator, the GFSC in finalising and bringing this legislation into effect.
Minister for Digital and Financial Services, Albert Isola, said: “It is wonderful to see these innovative new pieces of legislation come into effect in Gibraltar. Having undergone a robust review process, the legislation highlights Gibraltar’s status as a competitive, modern jurisdiction. We pride ourselves on our ability to work collaborativelywith the private sector, ensuring thatlegal developmentswork productively in tandem with our financial services industry.This isofincreasing importance as we continue to enhance our appeal to the global funds industry. Our continuous drive to adapt has long helped Gibraltar attract new businesses, and this legislation is the latest example of us acting as a modern legal powerhouse.”
“I am most grateful to Jonathan Garcia and the Executive Committee of GFIA for their ever constructive engagement with Government. We will continue to work with Jay Gomez and James Lasry on all matters GFIA for the benefit of this important sector of our community.”