The Minister for Financial Services, the Hon. Nigel Feetham KC, welcomed distinguished guests to the prestigious Royal Automobile Club on Pall Mall on Wednesday 16th October 2024. This event marked the fifth and sixth sessions in a series of three days dedicated to Gibraltar’s financial services, held across central London as part of the highly anticipated Gibraltar Day in London 2024.

Funds Breakfast

The day began with the Funds Breakfast, during which Minister Feetham delivered an opening speech that set the stage for an engaging and informative event. He highlighted Gibraltar's significant advancements in the funds industry, underscoring the strong collaboration between the Government, industry stakeholders, and regulators, as well as the importance of fostering employment opportunities for young people within the financial services sector.

The Minister then introduced the event’s panel discussion, moderated by Alex Royle, Head of Government and Regulatory Affairs at Galaxy, a global leader in digital assets and blockchain. The panel showcased a distinguished group of financial experts:

• Amarjit Singh, EMEA Leader and Partner at EY UK;
• Ian Taylor, Head of Crypto and Digital Assets at KPMG;
• Monica Sah, Global Co-Head of the Financial Regulatory Group and Partner at Clifford Chance; and
• Stephen McConville, Head of Structuring at HedgeHog Invest.

Their discussion centred on the emerging role of tokenisation of assets and investments. The panel emphasised that tokenisation offers substantial operational benefits, such as streamlined asset transfers and improved back-office processes. However, the path to implementation is complicated by regulatory challenges and the need for a well-defined ecosystem that mirrors traditional financial structures.

Gibraltar's unique regulatory landscape positions it as an ideal hub for innovation in this space. The discussion highlighted the importance of balancing regulation with the need for flexibility to foster growth. The potential of both public and private blockchains was explored, along with the concept of tokenised identity, which could enhance privacy and data verification.

Private Client Lunch

The Private Client Lunch, held later in the afternoon, began with attendees enjoying a meal in a relaxed, elegant setting, paving the way for the day’s engaging discussions. Following lunch, Minister Feetham delivered an inspiring opening speech, underscoring the importance of responsible development within the private client sector. He emphasised that Gibraltar is open for business, demonstrating agility and dedication to supporting stakeholders. The Minister concluded with a call to explore ways to make Gibraltar an even more attractive destination for family offices.

Filippo Noseda, Partner at Mishcon de Reya, addressed the evolving regulatory landscape for private clients, with a particular focus on the concerns about privacy and transparency issues surrounding public registers. He praised Gibraltar's agility and its use of common law, foundations, and trusts to attract business, particularly highlighting its bilingual capabilities. His insights effectively set a thoughtful tone for the subsequent panel discussion.

Moderated by Oliver Andlaw, Managing Director at Aquarius Trust and Chair of ATCOM, the panel featured a group of distinguished professionals:

• Iqbal Dharamsi, Director at Chellcorp
• Emma LeJeune, Chair of the Finance Centre Council and Partner at Isolas
• Paul Hardwick, Partner at McFarlanes
• Francesca Speroni, Deputy Head of Private Banking at EFG

The discussion centred on several timely topics, beginning with recent changes to resident non-domicile rules. The panel discussed the reasons for setting up family offices in Gibraltar, highlighting its advantages over other jurisdictions. Participants noted that Gibraltar’s common law framework provides certainty and fosters a friendly, tax-efficient business environment with a high quality of life.

The panel provided valuable insights into the benefits Gibraltar offers to private clients and high-net-worth individuals, particularly in light of the jurisdiction’s favourable regulatory framework and innovative solutions. Attendees left with a deeper understanding of the opportunities Gibraltar presents for private wealth management, relocation, and family office establishment.

A Successful Conclusion to Gibraltar Day in London 2024

The series of events marked the successful conclusion of Gibraltar Day in London 2024, which spanned three days and featured six high-profile events. It brought together more than 1,000 attendees from various sectors, underscoring Gibraltar's pivotal role in the international financial services landscape. Each event provided an opportunity for industry leaders, government officials, and key stakeholders to discuss Gibraltar’s growing influence forward-thinking approach to financial services.

Feedback from attendees has been overwhelmingly positive, with many praising the high quality of panellists and discussions and the networking opportunities presented. Minister Feetham’s leadership and vision, coupled with the tireless efforts of the Gibraltar Finance team, have cemented Gibraltar's reputation as a key player in the global financial services industry.

ENDS