Lawyer and Notary Public with Ellul & Co, Marc Ellul, is the new Chairman of the Gibraltar Finance Centre Council (“GFCC”) having been elected on 10th July. Peter Montegriffo, QC, who served as its Chairman for two years, stepped down that same day. Christian Garcia remained in place as Vice Chairman having already served for two years in this capacity.
The GFCC is an important body which was established in 1996 with the object of promoting the economic interests of Gibraltar by developing the finance centre. Representatives of all of Gibraltar’s financial services industry associations are members of the GFCC which meets regularly with the Minister for Commerce, Finance Centre Department Government officials and the Gibraltar Financial Services Commission (“FSC”). The GFCC has a significant role in shaping finance centre policy and legislation.
The GFCC is consulted by Government and the FSC on a range of matters related to the finance centre including: business development, new legislation, regulatory matters and relevant international treaties and initiatives.
Significant up and coming matters include: the Legislative Reform Programme to consolidate and update financial services legislation where the GFCC is being consulted on new proposals; Brexit and how Gibraltar will be affected by it; the expected token sale legislation and the Moneyval peer review evaluation of Gibraltar expected to take place next year.
The following associations attend GFCC meetings: the Gibraltar Bankers Association, the General Council of the Bar of Gibraltar, the Gibraltar Society of Accountants, the Gibraltar Insurance Association, the Association of Trust and Company Managers, the Society of Trust and Estate Practitioners, the Gibraltar Funds & Investments Association, the Gibraltar Association of Pension Fund Administrators, the Gibraltar E-Money Association, the Gibraltar Association of Compliance Officers. The GFCC is looking forward to welcoming the soon to be created new body, the Gibraltar Association of New Technologies, which will represent the rapidly developing fintech sector.
On behalf of the GFCC, the new Chairman would like to express his thanks to the departing Chairman for the excellent work he has done over the past two years.