Lux regulatory changes make Gibraltar time-to-market king

Luxembourg’s decision to amend SIF regulations has left Gibraltar to claim that it is the EU domicile able to offer the quickest time-to-market for launching new funds.

The Luxembourg Parliament’s decision this week to amend the February 2007 law on specialised investment funds (SIF) means that it is no longer possible to launch such vehicles without the prior approval of the  Luxembourg Financial Sector Supervisory Commission. This will slow down fund launches, according to James Lasry, head of Funds at Hassans, an international law firm in Gibraltar.

“As a result of the new Luxembourg law that removes the possibility for fund to launch before receiving formal authorisation from the Regulator, a process that often takes about 3 months, Gibraltar emerges as the fund jurisdiction within the European Union that has the quickest potential time to market for a fund,” Lasry said.

“Under the Gibraltar Experienced Investor Fund (EIF) regime, a fund can launch on the basis of opinion from senior Gibraltar counsel stating that the fund has been set up in accordance with the EIF Regulations can launch provided that within 14 days of that launch it notifies the regulator with copies of all the documents.”

“The regulator in Gibraltar has a plethora of regulatory powers in respect of funds which makes their oversight of this sector quite robust. Gibraltar, being a small jurisdiction with strong communication between the service providers in the industry allows the regulator to work under this regime just as Luxembourg was able to since 2007 when it introduced its SIF regime – until now”.

 

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