B2b sept 2014 by Chamber of Commerce Gibraltar

ForEwOrd

News features page 6

The Cross Frontier Group

page 9

Trading Conditions Survey 2014

page 4

business briefs

page 14 ·

The 175th Anniversary of Saccone & Speed

page 16 ·

New Spanish road rules

page 18 ·

OBE for George Bassadone

page 21 ·

Remote e-gaming update

page 27

Hassans announces record number of partner promotions

page 22 ·

Private sector pensions

page 29

The SG Seminar

page 30

Gibtelecom announces purchase of the Haven Building

page 31

EY graduate career opportunities launched

page 32

Hassans awarded “Leading law firm of the year”

Ibex launches new commercial policy for Gibraltar

“Fund Four” at Triay & Triay co-write Fund Guide

Argus CEO meets with Albert Isola

Spain: beating us up has never worked

page 34

chamber news page 24 ·

page 37

Chamber News

people on the move page 40

· Chesterton appoints additional Director to it’s board

· The Lombard Odier Group names Peter Caetano to lead Gibraltar office

page 41

· Senior appointment in real estate at NatWest

· Deloitte appoints new tax partner page 43

· Deloitte trainee wins top prize

· New manager for Top of the Rock

b2 bg i bra l t a r. c o m 3 / 1 a Pa r l i a m e n t L a n e PO B o x 9 3 5 , G i b r a l t a r Te l : 2 0 0 4 1 7 0 0 , F a x : 2 0 0 7 7 6 4 9 G ib r a l t a r C h a m b e r o f C o m m e rc e PO B o x 2 9 , Wa t e rg a t e H o u s e Casemates, Gibraltar E d w a rd M a c q u i s t e n Chief Executive Te l : 2 0 0 7 8 3 7 6 Fax: 200 78403 info@gibraltarchamberofcommerce.com

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DESIGN B2B is published by Copywrite Publishing for the Gibraltar Chamber of Commerce four times per annum. No part of this publication may be reproduced without the permission of the Gibraltar Chamber of Commerce or the publishers

foreword On the horizon there is much which the board will be kept busy with in the months ahead. The government has announced that it will be initiating discussions with the Chamber on plans to introduce pensions in the private sector. Many of our members already offer these to their permanent employees. However, with trading in some sectors remaining tough, sensitive consideration needs to be given to those businesses which cannot afford this additional cost. Any proposed legislative changes on this issue must not happen without close consultation with the private sector and with regard to the potential consequences for Gibraltar’s competiveness as a jurisdiction. Your board expects to make an announcement on the progress being made at the Gibraltar International Bank soon after the summer. Considerable work has been done already but there is still much to do if the bank is to open on its current schedule at the beginning of 2015. We would like to assist those of our members who need to move from Barclays and show them what they need to do to enable a smooth transition.

Your board has had a particularly active six months although, as with much of the work they do on behalf of members, it is never seen. One initiative which the Chamber has instigated was the formation of the Cross Frontier Group (CFG) at the end of 2013. The first task of this Group was to liaise with businesses and employee organisations in Gibraltar as well as in the Campo. The CFG is the only group that represents properly constituted organisations from both sides of the frontier. The Group’s objective is to ensure a truly freely flowing frontier for all citizens and businesses whether they are entering or leaving Gibraltar. As a border between two EU members this is clearly laid out as a binding requirement of all EU members in the Treaty of Rome. There should not be any doubt about this. The Group has formulated a strategy to raise awareness of the ongoing border checks at the frontier and the queues they cause. It has also met with the UK government and the European Commission to highlight the hardship and inconvenience which the checks are causing to tens of thousands of EU citizens, whether they are tourists, Spaniards or Gibraltarians. The Group meets regularly and has lobbied hard in London, Brussels and in Spain. Only time and action will determine the success of the Group but the fact that it has met with the main political decision makers on a number of occasions shows at least that its voice and arguments are heard and understood.

In May the government announced with some fanfare new working hours for public sector workers. The extended public counter hours are a welcome change and long overdue. However, the move to complete e-government falls somewhat short. It is getting there slowly and some of our own members will also take time to adjust to changing habits to an online environment. Nevertheless, being able to interact fully with all government departments electronically whether to apply for licences, submit notice of job vacancies or pay bills is a standard requirement of most businesses around the world. It should be the norm in Gibraltar as well. In this issue we publish the results of this year’s Trading Conditions survey conducted in the first quarter. What is remarkable is that Gibraltar’s economic development continues almost undaunted. The obvious concerns expressed by many business sectors about the continued choke point caused by Spanish government’s actions at the frontier are clearly evident. The hostile actions of the Madrid administration towards Gibraltar, and as a consequence to its Campo neighbours, are at one level counter-intuitive. This point is likely to be reinforced once more when the update of the Chamber’s Economic Impact Study is published in the autumn. Gibraltar is one of the principal economic engines of the Campo region creating wealth and jobs for Gibraltarians, Spaniards and thousands of other EU citizens. No amount of denials and unsubstantiated slurs by the Partido Popular and its cronies will change this fact.

A fascinating tale of Saccone & Speed, one Gibraltar’s oldest and arguably most successful businesses is given by Richard Garcia in this issue. The Chamber board congratulates Denis Lafferty and his team on their 175th anniversary. The history and economic development of this great Gibraltar company is inextricably intertwined with the progress and evolution of Gibraltar itself. It is a cracking read. The Chamber commends the Government on the opening of the magnificent new Park on Queensway. This large open green space so close to the city centre is a fabulous asset for the whole community to use and enjoy. The Chamber is particularly fulfilled, as the Chamber lobbied the then GSD government for a Central Green Park back in the early noughties. This resulted in the Tercentenary Park plans which were part of the Midtown development, which it has recently been announced is to be developed, although with significant changes to the original plans. A further park area has also been incorporated which will extend beyond the Kings Bastion Leisure Centre and create a significantly larger green area than exists at present in the centre of town.

Focusing on detail Understanding your needs Deloitte provides a full range of professional services, including audit, tax and financial advisory. As a member firm of Deloitte Touche Tohmatsu our service values are guided by global common principle to ensure our services are consistently of the highest quality. Our philosophy focuses on strong partner involvement and an understanding of your business needs. We listen and work with you. We communicate regularly and provide information in a manner you can use to make effective business decisions. For more information, call Stephen Reyes or Joe Montovio on: Tel: +350 200 41200, Fax: +350 200 41201, info@deloitte.gi

The Cross Frontier Group

News Features

Members of the Cross Frontier Group delegation with UK MPs at the House of Commons

These were: • The APPGG will urge the Foreign Affairs Select Committee to publish its forthcoming report on Gibraltar sooner rather than later and ensure that it receives widespread publicity. • T he APPGG should request a meeting with David Lidington and the Foreign Secretary to increase pressure on the UK government to take a tougher line with Spain.

Members of the Cross Frontier Group delegation with Minister for Europe, David Lidington and Kevin Coyne from Unite.

• It was suggested that the APPGG could invite the Spanish Ambassador to meet them and explain the Spanish perspective and also so that the APPGG could express their displeasure at Spain’s actions. • The CFG asked for the Group’s support to have an EU official at the frontier to monitor the queues and make regular reports back to the Commission. • M embers of the APPGG suggested raising the issue of the frontier queues and delays at the Council of Europe to highlight to other European members the actions of the Spanish government.

he Cross Frontier Group (CFG) was set up in November 2013 because of the effects of ongoing border checks. The Chamber was the driving force in setting up this group in an attempt to lobby both the European Commission and the Spanish Government to create a freely flowing frontier. Members of the Group comprise organisations representing employees and employers in Gibraltar and the Campo de Gibraltar. It is the largest and only group which represents properly constituted organisations and it is apolitical. Since its inception, a number of Chamber board directors have invested considerable amounts of their time and effort to attend meetings of the CFG and write detailed reports which have been sent to the European Commission and the British Government.

Call for a

permanent EU

Observer to be

assigned to the frontier

The purpose of the Group is to highlight the adverse effect which the queues and checks are having on the communities on both sides of the frontier. One of the main calls to action by the Group is for there to be an official from the European Commission stationed for an indefinite period at the frontier to monitor the queues and checks being imposed by the Spanish authorities and to communicate this back to the Commission in Brussels on a regular basis. The Group has met regularly in Gibraltar and in Spain since it was founded and although there is no formal organisational structure

there is a keen appreciation by all members who are represented to ensure that the Group’s objectives are adhered to. One of the first concrete actions of the Group was to make a public declaration. The main points of this were: To call for immediate action by the European Commission and Parliament so as to force the governments involved to implement the necessary measures to allow the normalisation of vehicular and pedestrian flow at the

border. To call for a Permanent EU Observer to be assigned to the border whose mission it will be to supervise the above mentioned normalization process so as to guarantee the right to the freedom of movement of all EU citizens. Following on from this, members of the Cross Frontier Group began to gather data on the effects of the queues and how they were damaging local businesses and how they were having an adverse impact on the lives of citizens of Gibraltar and the Campo All of this information was compiled into a detailed dossier which the Group published in February 2014. Copies of the dossier were sent by courier to the British Prime Minister, Rt Hon David

were also sent to Cecilia Malmstrom, the EU Commissioner who is charged with responsibility for managing and controlling EU borders. At a local level copies were also sent to His Excellency The Governor, the Chief Minister, Daniel Feetham and to Gemma Araujo in La Linea. In a bid to raise the awareness of the continued checks and queues at the frontier, a delegation from the Group travelled to Brussels in February to meet with EU officials. A request for a meeting with Mrs Malmstrom was sent but she was unable to do so due to her busy schedule. Nevertheless, the Group did meet with Belinda Pike who is a member of Ms Malmstrom’s Home Affairs Directorate team and she was told of the ongoing hardship caused by the checks and queues. Separate meetings were held in Brussels with MEPs like Sir Graham Watson who fully supports the work of the Group. Sir Graham also helped to arrange additional meetings for the Group whilst they were in Brussels. A few weeks later a delegation from the Group travelled to London to meet with the All Party Parliamentary Gibraltar Group at the House of Commons. The meeting had been organised by Kevin Coyne UK National Officer at Unite the Union. Copies of the dossier and press statements by the CFG were circulated to the Group along with a powerpoint presentation highlighting the aims of the Group. In all, more than a dozen MPs and peers attended the meeting. After the delegation had made their submissions a number of actions were considered by the MPs at the meeting.

The APPGG stressed the importance of quantifying the economic damage so far to Gibraltar’s economy and to that of the Campo. The following day a few members of the delegation met with David Lidington, Minister for Europe at the Foreign & Commonwealth Office. Mr Lidington was asked pointedly why the UK had not taken Spain to the European Court of Justice over the frontier queues. His response was that it had been considered but not currently pursued as such litigation would take a long time and also because the ECJ requires that cases to be heard in domestic courts first before they can progress to the ECJ. Mr Lidington reiterated that he was confident that continued diplomatic measures would have a more effective outcome on the Madrid administration. The delegation emphasised the need to make the queues an EU issue rather than a bilateral issue. The reason for this is because thousands of EU nationals have moved to Gibraltar and Campo region to work. They work in Gibraltar but live in Spain. They are German, Dutch, Danish, Irish, Belgian, Polish nationals, but all are EU citizens. These same European citizens are being hugely inconvenienced in crossing a European border every day by another European state. The European Commission and the Council of Europe both have a duty to act to stop this. Mr Lidington said that he agreed and would raise this with his counterparts in Europe. The delegation also sought the Minister’s support for an EU official to be stationed at the frontier for an indefinite period to monitor the queues and make regular reports back to the Commission. The GoG has offered to pay for the cost of this and the Minister saw no reason why this should not be pursued more vigorously directly with the Commission. Running in parallel to the meetings in London, a separate delegation travelled to Seville to meet members of the Junta de Andalucia. In closed session they gave evidence of the effects of the ongoing checks and queues. The attentive Spanish politicians listened with interest and said that they would do what they could to put pressure on the Madrid administration.

Cameron and to the UK Foreign Secretary, William Hague. Copies

People you know People you trust

Trading Conditions Survey 2014

News Features

In Spring this year, the Chamber carried out its annual Trading Conditions Survey. The survey gathers members’ views and statistics, provides a good factual basis for lobbying Government and also affords the Board the opportunity to gather a broad view of issues that are of concern to Chamber members. So, in a nutshell, what do the results of the 2014 survey reveal? Regarding employment, of the total of 2,175 employed by responding companies, 781 (or 36%) were frontier workers. This is a significant proportion and, given the current difficulties at the Border, represents an area of concern for employers and employees alike,DOES with YOUR uncertain commuting issues, disruptions FROM WHERE BUSINESS ORIGINATE? to the working day and all the other related issues we have become familiar with.

he survey attracted a satisfactory response rate of 30% with respondents employing a total 2,175 people. This is 10.1% of Gibraltar’s overall workforce as it stood in October 2012 or 13.5% of the total private sector labour force. The Chamber’s Board would like to thank those who took the few minutes it takes to fill in the questionnaire. 100

The Board also takes this opportunity to ask those who do not 86% FROM WHERE DOES YOUR BUSINESS ORIGINATE? respond to please do so on the next occasion. It does not take From where does your business originate? 80 100 long and the results are invaluable to the Board in being better (approx. percentages) able to understand and act on your concerns and issues. With 86% a higher level of response, we can turn a good survey into an Retail 60 56% 80 excellent one! 51%

D id y ou k n ow ?

Which sector of industry is your business WHICH SECTOR involved in? OF INDUSTRY IS YOUR BUSINESS INVOLVED IN? 10%

We can insure all local businesses

27%

10%

WHOLESALE RETAIL

27%

Contact Lorraine Povedano on +350 200 79520 (ext. 228) or email lpovedano@argus.gi

We also carry out risk management reviews providing recommendations on safes, ﬁre, theft and security. When it comes to claims you can be sure that they are dealt with locally and promptly by our in-house specialist team.

I Motor I Home I Business Packages I Property I Marine I 8

www.argus.gi | Regal House, Queensway, Gibraltar | Licensed by the Financial Services Commission

11%

PROPERTY &

CONSTRUC... RETAIL PROPERTY & CONSTRUC...

This includes retail and wholesale businesses, ofﬁces, shops and catering establishments such as restaurants and bars.

We offer ﬂexible package policies, or if you’re looking for something more speciﬁc we can tailor make you a policy.

41%

56%

WHOLESALE

HOTEL/CATERING

Our packages are designed to cover risks most required by commercial businesses which include: ﬁre, water damage, theft, money, employers liability, public liability, product liability, business interruption, accidental damage to glass, personal accident, food spoilage, goods in transit, machinery breakdown and all risks for business equipment and computer breakdown cover.

Wholesale

WHICH SECTOR OF INDUSTRY IS YOUR BUSINESS INVOLVED IN?

28%

PORT & SHIPPING HOTEL/CATERING ONLINE GAMING LEGAL

Locally Based

BANKING

OTHER FINANCE

TRANSPORT OTHER

3% 4%

8% 1%

2% 3%

Other day International Cruise visitors Clients Liners 15% 11% 10% 6% 6% 4% 1%

Spanish Day Visitors

Other (I.e. the rest)

Other day International visitors Clients

2% 3%

Cruise Liners

WHERE IS YOUR PRINCIPAL PLACE OF BUSINESS LOCATED?

Where is your principal place of business located? WHERE IS YOUR PRINCIPAL PLACE OF BUSINESS LOCATED?

OTHER

41%

15%

TRANSPORT

10%

ONLINE GAMING

Wholesale

10%

PORT & SHIPPING

INSURANCE INSURANCE

51%

Locally20 Spanish Based Day Visitors

LEGAL

Retail

Other (I.e. the rest)

3% 1%

36%

How many people in total are employed in your business locally?

38%

36%

38%

Rest of the

townofarea Rest the town area

A - Companies responding employed 2175 people (approx. 10% of Gibraltar’s work force) B - Of these, 781 are frontier workers (36% of total employed by responding companies)

Main Street Main Street

Outside of

Outside of town town

26%

If you have made redundancies, how many? 33 in total. 100

60 Yes

22%

How do you think our Government has 16% 16% managed the current situation with Spain? 16%

Positive

Negative

16%

Unsure

Well

IN THE LAST 12 MONTHS THE NUMBER OF EMPLOYEES:

Well

Not Well

40%

Better

Do you expect to make redundancies during the next 12 months?

2014

25% Worse

Beyond 2014

18%

48%

Decreased

Not Changed

Yes

100

Unsure

30%

Peak trading quarter

21%

8% 60

0 BUSINESS PERFORMED IN THE YEAR TO DECEMBER HOW YOUR 2013 COMPARED TO THE YEAR TO DECEMBER 2012?

How has your business performed in the year to December 2013 compared to the 100 year to December 2012? Increase in sales 80

Decrease in sales

47%

No change

38% 60

38%

15%

20 Business Performance

Business Performance

What impact has the deteriorating situation at the border had on your business?

16 5

Jan / Mar

Apr / Jun

Increase in sales

Jul / Sept

Oct / Dec

None

Decrease in sales There will

47%

HOW YOUR BUSINESS PERFORMED IN THE YEAR TO DECEMBER 2013 COMPARED TO THE YEAR TO DECEMBER 2012?

15%

be a number of reasons why 2013 was not so good and this will vary across sectors. For Shipping, the main No change reason was a loss of some of the bunkering trade to Algeciras, while the Wholesale and Retail sectors have been suffering from competition from Internet shopping, and also from the situation at the border. The situation at the Border has had an overall adverse influence, with 52% of all businesses saying that the effect has been negative.

In your dealings with Government how would you rate civil service performance and response time?

Positive

This is clearly the way ahead. However, with Spainâ&#x20AC;&#x2122;s current intransigent attitude, it will take unprecedented and meaningful support from the UK and the European Union if there is going to be a way to get the parties to sit round a table under a set of conditions acceptable to all. In view of recent events, this will be a hugely challenging task. Going forward, expectations reveal that 75% of businesses expect trade to remain the same or improve during 2014, with this figure rising to 82% beyond 2014. This outlook is supported by the answers on the redundancies question, with fewer companies expecting to make redundancies in 2014 compared to 2013. For the On-Line gaming sector, the clear concern going forward is the issue over the point of consumption tax.

21%

68%

Not Changed

37%

Increased Decreased

48%

Same

62%

30%

Increased

35%

Unsure

IN THE LAST 12 MONTHS THE NUMBER OF EMPLOYEES:

100

Not Well

In the last 12 months the number of employees: 30%

45%

Expectations for 2014 and beyond EXPECTATIONS FOR 2014 AND BEYOND

Indeed, the border situation is the number one concern that businesses face going forward, with increasing business costs and banking facilities and finance at 2 and 3 respectively, these being the answers given when businesses were asked to list the three most important issues that will affect them over the next 12 months. The border issue is, however, clearly, the big one. There is a need for a solution to this ever contentious issue. The Chamber fully supports the Gibraltar governmentâ&#x20AC;&#x2122;s attempts at dialogue and the lobbying of support from the UK Government.

What impact, if any, is internet 100 shopping having on your business? (answered only by those companies in the retail and wholesale sectors)

These are the results for all businesses taken together. Clearly, results vary between sectors. The Retail and Wholesale sector results revealed 53% of businesses doing worse, with 27% faring better in 2013. The Finance Sector figures showed a virtual mirror image of the Retail/Wholesale results, with 56% better and 22% doing worse. The figures for Port and Shipping businesses were 80% doing worse and 20% better. By contrast, On-Line gaming reported 100% of businesses showing increased sales. In sum, the data show a mixed result across sectors.

78%

Over the last 12 months, the number of employees stayed the same or decreased for 69% of respondents, with only 30% showing an increase. Similarly, 62% of all businesses experienced either no change or a downturn in sales in comparison to 2012. Conversely, 38% reported a sales increase.

Good

Negative

Acceptable

No Effect

Unsure

Poor

Unsure

100

News Features

Have you made any redundancies in your business during 2013?

How has civil service performance changed in 2013 compared to 2012?

Finally, the Gibraltar International Bank (GIB). With the pending departure of Barclays, and no news of any other high street bank coming in, there will be an obvious hole in Gibraltar’s local banking services. The Government initiative on the GIB is therefore generally welcomed, with 48% of businesses supportive of the bank, 36% unsure and only 14% being against. The main caveats, as revealed by respondents’ comments, are that the bank needs to be professionally managed and that it needs to be free of political interference. Government have given reassurances on these related issues. Provided these reassurances bear fruit, there appears to be no reason for the bank not to succeed.

Improved

No Change

Worsened

Please select 3 of the most important issues that you think will directly affect your PLEASE PLEASE SELECTSELECT THREE THREE OF THEOF MOST IMPORTANT ISSUES THE MOST IMPORTANT ISSUES business the next 12 months THAT YOU THINK WILL DIRECTLY AFFECT YOURYOUR BUSINESS IN IN THAT YOUin THINK WILL DIRECTLY AFFECT BUSINESS

Unsure

THE NEXT MONTHS? THE12 NEXT 12 MONTHS?

100

14%

Staff recruitment & Staff recruitment & retention retention

Training staff Training staff

IncreasedIncreased businessbusiness costs costs Competition from

Business’s views on the Civil Service were also sought. 59% of businesses reported that Civil Service performance and response time was either good or acceptable. The other question on the Civil Service was regarding performance 20% changes in 2013 compared to 2012. 67% reported no change, with 10% showing an improvement and an equal 10% showing a worsening of performance. The big issue here, of course, is how the new working conditions recently put into place will affect performance and service in the future. Watch this space!

16% 20%

Increased

Dealing with Government

100

7%5%

Banking facilities and finance

Imagine a bank whose owners have steered a course through over 40 financial crises. Imagine a bank that’s been looking forward for seven generations. Welcome to Lombard Odier.

100 you happy with your Board’s overall Are performance?

Yes

35%

Unsure

Yes No

48 % 20

Unsure

3% 0

Unsure

38%

35%

Yes

14%

Situation at border

Imagine a bank without risky sovereign debt or toxic assets on its balance sheet.

62%

Dealing with departments Government Traffic congestion departments Traffic congestion

Imagine a bank where your interests really do come first.

Imagine a bank that manages and protects your family’s wealth.

62%

Competition from

Competition from (UK, elsewhere elsewhereEurope, (UK, internet) Europe, internet) Health & Safety Health & regulations Safety regulations

IncreasedGovernment red tape Government red tape

Government has recently announced that they will be opening a new bank supplying a range of services. This is to be called “Gibraltar International Bank” and will essentially be Government owned. Are you supportive of the initiative?

16%

Competition from other traders in other traders in Gibraltar Gibraltar Competition from Competition from Spain Spain

IMAGINE A BANK

3% 0

100

In summary, the survey results show that 2013 was a challenging year against a background of increasing regulation and competition, as well as the major issue of the situation with Spain. Despite these challenges, many sectors continue to thrive and retain a positive outlook. Gibraltar’s track record in overcoming issues of adversity speaks for itself and there is confidence that the current challenges will prove no different.

Private Bank since 1796 Geneva · Amsterdam · Bermuda · Brussels · Dubai · Frankfurt · Fribourg · Gibraltar · Hong Kong · Lausanne · London Lugano · Luxembourg · Madrid · Milan · Montreal · Moscow · Nassau · Panama · Paris · Singapore · Tokyo · Vevey · Zurich Lombard Odier & Cie (Gibraltar) Limited Suite 921 Europort · P O Box 407 · Gibraltar Telephone +350 20073350 Regulated and authorised by the Financial Services Commission, Gibraltar.

175th ANNIVERSARY OF

SACCONE & SPEED

Richard Garcia MBE

Recently, the press in Gibraltar has recorded some of the history of the company. But there is so much more that could be told. This short piece will highlight just three of these aspects. The most remarkable of the company’s directors was Prince Vsevolode Ivanovich Romanoff, a godson of the last Tsar of

Russia, Nicholas II. He was the last male Romanov to be born in Imperial Russia, in January 1914. He spent most of his life in exile in England. He married Lady Mary Lygon, a socialite, in 1939. While a Director of Saccone & Speed’s London subsidiary, he would be invited to tea at Buckingham Palace by Queen Mary. The Prince was the victim of an audacious robbery. Thieves telephoned his house when they saw him leave to see a horse race and told the maid that the Prince had been unexpectedly called abroad. She was asked to pack four travelling cases, which the thieves collected. As a result, the Prince lost many clothes! Over the years, the company has been fortunate in having as Chairmen and Directors men of considerable business acumen, experience and vision. They included Jerome Saccone’s heirs, notably Albert Porral and Joseph Armand Patron and his son Sir Joseph Patron; James Speed’s heirs, particularly James Andrews-Speed and James Andrews-Speed Jr; John Mackintosh; Sir Edward Cottrell, his sons Anthony and MIchael Cottrell, and his grandson Jeremy Campbell-Lamerton. Many have been associated over the years with the Chamber of Commerce.

Saccone & Speed were for many years bottlers of beer. They had various bottling plants in the United Kingdom and in Gibraltar. They also bottled sherry and port wines and manufactured brandy-based drinks, all under the Saccone & Speed label. At the start of World War II, they were manufacturing two drinks aimed primarily at the local market. They were called Merry Merry and Jungle Juice. Inexperienced servicemen would drink these brandy-based drinks as if they were beer, and they really did get intoxicated. So much so, the company voluntarily suspended production of these drinks for the remainder of the war to reduce drunkenness in the Garrison! In more recent time, the company ceased to bottle beer and turned instead to bottling Coca-Cola and other soft drinks and minerals. This year also sees the 65th anniversary of the commencement of the bottling of Coca-Cola in Gibraltar.

The Saccone & Speed Group is much more than just a wholesaler of wines and spirits. It has had wide additional business interests over the years. Today, the Group also includes Abrines, a leading food distributor in Gibraltar; and Gaggero Cemats Home & Building Supplies, builders’ merchants and more. The Group continues to have an international dimension. Arbiter Fund Managers Ltd is a member of the Group, based in London, in the financial services sector. Casemates Iberia SA is active in duty free sales in the Iberian Peninsula. These two members of the Group evoke echoes of Jerome Saccone, in his capacity as a leading banker in Gibraltar, and of the hugely important role played by Saccone & Speed over many decades in supplying the Diplomatic Trade in a surprisingly wide range of countries. So, what is the secret of Saccone & Speed’s success? The company’s Chairman, Jeremy Campbell-Lamerton attributes it to the Group’s rigorous attention to detail, its committed service to its clients and the care of its staff. It is a powerful cocktail!

News Features

THE

here are very few Gibraltar companies that have been in business for 175 years. Saccone & Speed has this year joined that select club. It is a remarkable achievement. Everyone in Gibraltar knows the name “Saccone and Speed”, but surprisingly little is known about the company by the ordinary man in the street. Indeed, there were stories about the company and its principal players that had been lost in the mists of time and which not even the company’s directors knew. The company’s anniversary has been a good time to recover some of this lost history, and to place Saccone & Speed in its full context.

15. T he 50 percent discount for early payment of fines is to be extended to 20 days. This is up from the current 15 days.

New traffic legislation comes into force The Spanish Government recently introduced new traffic laws that will affect how motorists and cyclists use the country’s roads.

10. I t will be considered a serious offence to conduct any kind of road works without first informing the relevant traffic authorities.

17. New reasons for immobilizing vehicles. As well as the vehicles of drivers who let children ride without the proper safety devices, authorities will also be able to immobilize those being driven without the proper permit (a C permit in the case of vehicles weighing between 3,500kg and 7,500kg and a D permit in the case of buses).

11. D ropping items of any kind on the road will carry high penalties because of “the danger it poses to other road users.” 12. O bstructing health department or traffic inspectors carrying out checks on driving schools and other vehiclerelated centres will be considered an offence. 13. P olice officers will be able to fine vehicles without stopping them if they are performing duties that prevent them from doing so or giving chase. 14. U nder the new law, drivers will always be considered to blame in the event of a collision with a game animal unless it can be proven that the animal was on the road as a result of a hunt held that day or within 12 hours of one having taken place. The state will only be accountable if it fails to provide proper warning signals or to mend broken fences. In practice this means that no compensation will be awarded in the event of a driver being killed or seriously injured after a collision with an animal on one of Spain’s nearly 25,000 hunting preserves.

ere are twenty of the biggest changes that will affect motorists and cyclists on Spanish roads from June 2014:

1. The wearing of helmets in urban areas is mandatory for cyclists under 16. The original intention was for this to apply to all cyclists regardless of age, but common sense appears to have prevailed. Failure to comply could lead to fines of 200 euros for parents. 2. Children under 1.35 metres tall may not ride in the front seat of a vehicle. Police will be able to stop and fine drivers carrying children in the front passenger seat, unless all the back seats are already taken up by other children also under the height limit (or the car has no back seats at all). Taxis will have to follow the same rules, but parents, not taxi drivers, will be held liable for fines of up to 200 euros. 3. Driving with twice the legal limit of alcohol in the blood will now entail a fine of up to 1,000 euros (previously 500). Those caught driving under the influence of alcohol twice within the same year will be hit with a 2,000-euro fine the second time around. 4. T he new law eliminates the need to prove that drug use influenced a person’s driving. Now, all it takes is a saliva test: if the result shows the presence of drugs in the body, drivers will be presented with a 1,000 euro fine regardless of whether the drugs affected their driving or not. Prescription drugs are excluded.

5. A lcohol and drug tests for pedestrians. Pedestrians caught violating a traffic regulation – by crossing the road at the wrong place (jaywalking), for instance – will be obliged to submit to a drug and alcohol test. Until now, this was only the case if they were involved in an accident. 6. While the current speed limit on highways and freeways is 120kph, the new laws allow for a raising of this to 130kph. The new code scheduled for approval in June will determine where and when this speed limit may be applicable. Penalties will be the same, starting at 100 euros for vehicles going up to 150kph. 7. There is no minimum speed restrictions for bicycles. This change aims to solve a problem faced by cyclists in urban areas. Until now, vehicles could not travel at a speed below 50 percent of the limit. Motorways remain off-limits to cyclists. 8. The new laws expressly prohibits the use of speed camera detectors: drivers caught using them will be liable to fines of 200 euros and the loss of three points on their license. Speed camera jammers are considered much more serious and entail penalties of 6,000 euros and six points off the permit. Only alert systems offering information about the locations of speed cameras based on databases will be legal. Drivers with GPS devices incorporating speed camera detection capabilities will have to deactivate this option.

16. V ehicles may be barred from entering certain roadways based on environmental criteria. The Environment Ministry will establish the exact rules governing this point.

18. B an on taking unsafe vehicles to other countries. This article is an application of the United Nations’ Global Plan for the Decade of Action for Road Safety 2011-2020, which aims to discourage the importing and exporting of new or used vehicles deemed unsafe. 19. Priority for tow trucks. Tow trucks on their way to assist motorists will have right of way and have to be treated the same way as ambulances. 20. F ewer driving restrictions for cancer patients. At the moment cancer sufferers are hardly ever allowed to drive, unless their doctor takes it up with the traffic authority. But improved medical treatment is set to be reflected in the new road rules, which will place fewer restrictions on patients.

News Features

New Spanish road rules

9. F oreign residents must register their vehicles. Because foreigners living in Spain were not under the obligation to register their cars here, in practice it was difficult to get them to pay traffic fines or submit to controls. The new regulations will determine the deadlines and conditions for vehicle registration.

OBE for George Bassadone in Queen’s birthday honours Volume 7 Nº 3 Summer/Autumn 2009

The Chamber congratulates George Bassadone on his award of “Officer of the Most Excellent Order of the British Empire” for his services to the car industry and to the overall economy of Gibraltar. George joined the family business in the 1970s and steered its international growth, particularly in the sales and handling of vehicles to humanitarian organisations around world, INthe THIS ISSUE including the United Nations and the World Health Organisation. The Fletcher Report He has invested time and money to provide and excellent service to demanding clients and has supplied speciallyGeorge prepared vehicles to many disaster areas and crisis Bassadone: situations. Leading from the front

Gibraltar has benefitted from job creation, generation of wealth and international reputation which has proved to Trading be 2009 instrumental in the development of the Gibraltar economy for Conditions the past 25 years. Survey

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we’ve been helping clients choose the safest route to success since 1856 credit suisse (gibraltar) limited, neptune house, Marina bay, po box 556, gibraltar. tel: +350 2000 4000 www.credit-suisse.com/gi Credit Suisse (Gibraltar) Limited is authorized and regulated by the Gibraltar Financial Services Commission to provide Banking and Investment services. © 2013 CREDIT SUISSE

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Business sentiment on the Rock is generally positive at the moment and in no small way due to an ongoing buoyant gaming industry. Employment is nearing the 3,000 people mark and a low-ball estimate of the positive impact the industry has on the economy is 20% of GDP. There are many areas of interest and action within Gibraltar’s thriving gambling sector, but the threat of an unworkable Point of Consumption regime in the United Kingdom continues to overshadow almost everything else.

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Some say that the international focus of the modern day Gibraltar gaming sector means the threat of the UK market becoming less appetising for operators here is not a disaster. We would like to urge caution in any potential laurel resting. One of the major reasons for many of our well respected operators setting up here is the unfettered access to the £2.1bn UK remote gambling market afforded by being licensed here. If that access becomes seriously “fettered” then a chill wind will blow in our direction make

no mistake. We have seen in the past how some of the bigger operators in Gibraltar – however loyal they feel – default back to being a UK-based company first and foremost. If you take away a serious reason for being here from their perspective it will only go in one direction to a greater or lesser degree. We could experience a dangerous chain reaction: yes, the jurisdiction does a great job of regulation and providing a wider economic, legal and cultural platform for these businesses, but lest we forget, the reason we are lucky enough to attract some of the new big names here is because the gold standard of operators who were already here. Should these UK household names and global leaders begin to favour alternative locations, others will follow suit. It takes a long time to earn a reputation and a very short time to lose it and the reputation we enjoy of being “the place to be” could disappear quickly and the collateral damage would be more serious than some think.

Private sector pensions The opt in - opt out debate

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hose of you who watch out for such things will know that pensions have remained very much in the news lately. There have been significant developments in the UK. In his March budget speech the Chancellor of the Exchequer, George Osborne, announced that the UK, like Gibraltar before it, will allow money purchase pension scheme benefits to be taken as a single lump sum rather than predominantly in the form of a lifetime income. However, the motive for this change is different. In Gibraltar the reason given back in 2006 was that annuities are difficult to obtain (true) and rarely represent good value for money (more debatable in my view).

In contrast in the UK George Osborne said in his budget speech “The tax rules around these pensions are a manifestation of a patronising view that pensioners can’t be trusted with their own pension pots. I reject that. People who have worked hard and saved hard all their lives, and done the right thing, should be trusted with their own finances.” The debate in Gibraltar is about compulsion, that is to say the legal requirement of employers to provide a pension scheme for their employees and to contribute to it. It may be that this continuing debate is leading to something we have noticed at EFPG which is an increased interest being shown by employers in setting up pension schemes for their employees. The union Unite has obtained 5,000 signatures from individuals who would like to see such a change, and the government has said it is sympathetic with the idea and is consulting with the Gibraltar Chamber of Commerce and the Gibraltar Federation of Small Businesses. If compulsion does happen there are a lot of things to consider and potentially for employers to have to deal with. For example will compulsion be on a ‘soft compulsion’ auto enrolment basis such as in the UK where employees will be automatically enrolled but where they can opt out, or will it follow the Australian ‘no opt out’ model? In the UK even the soft compulsion model has been described by the Chief Executive of the UK Pensions Regulator as a ‘game changer’ for employers, and he has warned that some companies will struggle to meet their obligations to employees. The UK Regulator went on to describe six key principles that employers should follow when putting their staff into a pension scheme. These include ensuring that any scheme set up by an employer is durable and delivers good outcomes to members, that it is well governed and administered by individuals who understand their duties and are fit and proper to carry them out, and that communication to members is designed and delivered to

ensure that they are able to make informed decisions about their retirement savings. Compared to the UK Gibraltar is a small place but it is no less complicated. If employers by law have to offer a pension scheme the alternatives available to them are the government Guaranteed Superannuation Scheme or a private scheme. The Guaranteed Superannuation Scheme guarantees the funds invested in the scheme and that they will never be less than the amount originally invested. The scheme comes at nil cost to both employer and employee, and provides just one investment option similar in concept to a bank account where investment return is linked to the gross redemption yields on longer term gilts (currently around 3.4% per annum). The scheme is simple and easy but it will not be the best solution for everyone. The criteria for a good private pension scheme are that it should be straightforward, have good administration, come at reasonable cost and, most crucially, provide decent understandable and well implemented investment options. Scheme costs will never be zero, but as with everything else in life the key consideration should be value for money. Last October the UK Office of Fair Trading published a report looking into the health of the UK company pension scheme market. It concluded that competition in the sector was not strong enough to give all occupational pension savers best value. A key and rather un-startling conclusion that they came to is that many employers and employees do not know much about pensions which the OFT described as “complicated products, the benefits of which occur, for many people, a long time in the future”. Obviously what’s behind this comment is in some contrast to George Osborne’s view as quoted above, but it also points to what is a weak ‘buyers side’ that exists in the market for company pensions schemes. Making company pension schemes compulsory will mean employers have to become stronger and better informed buyers. Funny old things pensions. I can think of no other product which you spend 40 years or more buying and at such great cost, and then another 25 years or more consuming. Anthony Drew, CEO, European Financial Pleanning Group Pensions and Investment Advisers www.efpg.net

Sapphire Networks Suite 3.0.3 Eurotowers, PO Box 797, Gibraltar Tel: +350 200 47 200 | info@sapphire.gi

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Chamber News

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As from 1 July 2013 reload customers will benefit from reduced calling rates, SMS and data charges Standard rate calls to local fixed lines

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Business Briefs

Hassans announces record number promotions

Hassans International Law Firm is delighted to announce that a record number of senior associates have been promoted to partnership. L-R: Maxi Torres, Emma Azopardi-Lejeune, Antony Provasoli, Gemma Vasquez and Michael Nahon

Managing Partner, Javier Chincotta stated, “These promotions take our total number of partners to 36. The quality and depth of experience that each one brings to the table is significant in driving forward the future of the firm”.

Anthony Provasoli, a graduate from Nottingham Trent University, was called to the Bar in England & Wales and the Gibraltar Bar in 2005. Anthony specialises in corporate, commercial and financial services matters. His work also includes advising on matters of sports law and telecommunications regulation.

The new partners are: Emma Azopardi-Lejeune, a Cardiff University graduate, called to the Bar in England & Wales in 2005. Emma recently successfully completed a diploma in Family Business Advising and is currently undertaking a course in International Estate and Succession Planning. Emma specialises in corporate and commercial law and has assisted numerous private clients in relocating and structuring their affairs in Gibraltar. She has also been involved in corporate restructures, business set ups in Gibraltar (in particular gaming operations), acquisitions, joint ventures and cross-border transactions. Michael Nahon, a Westminster University graduate, admitted to the Supreme Court of England and Wales in 1999. Michael is also called to the Gibraltar Bar. Michael has developed a niche practice in privacy law, regularly advising multinational corporations as well as the local gaming and banking sectors on their Gibraltar data protection obligations. Michael also contributes to data protection publications such as DLA’s Data Protection Laws of the World Handbook and PDP Journals. Aside from data protection, he also advises on intellectual property, corporate and commercial law matters and carries out private client work.

Maxi Torres, a Kingston graduate, was called to the Bar in England & Wales in 2005. He advises private client and corporate and commercial matters in particular corporate restructures and acquisitions. He regularly advises on the establishment of offshore structures and operations corporate, specialising in restructuring, sales, acquisitions and cross-border transactions. Gemma Vasquez (née Arias), a graduate from Oriel College, Oxford University, who qualified as a solicitor in Slaughter and May. Gemma specialises in corporate restructuring and has recently worked advising the Government of Gibraltar in revising the Companies Act, which is looking to come into force in 2014. Senior Partner, James Levy CBE QC, commented: “I am delighted that Emma, Michael, Anthony, Maxi and Gemma have joined the Partnership and I am sure they will continue to prove to be tremendous assets to the firm. This record number of promotions, in recent years, to partnership from our internal ranks shows the quality of lawyers and staff that we attract. It also demonstrates the firm’s commitment and expertise both from a product and geographic perspective which has continuously allowed us to offer the best quality of service to all our clients, locally and worldwide”.

The SG Seminar Passing the Baton - Succession in family owned businesses

Local accountants and Chamber member Simmons Gainsford held a fascinating seminar earlier this year on business succession at Brunoâ&#x20AC;&#x2122;s in Marina Bay.

weaken the business. The strength of reliability and commitment from family members can be just as destructive if decisions about the future direction of the business are not aired and considered.

With such a high concentration of family-owned businesses in Gibraltar the aim of the seminar was to highlight many of the common dilemmas faced by owners when planning to hand their business to the next generation.

However, with careful planning and preparation this blend can result in the success of both the family and the business. Whatever the final outcome, the future of a family business cannot be left to chance. A pro-active strategy can harness the pride and commitment of the family to set the business apart from its competitors and also ensure it endures from one generation to the next.

In the US it is estimated that only 30% of businesses survive the second generation, whilst just 12% make it to the third generation. In the case of Gibraltar several businesses survive into their second and third generation and there are a number of long-established businesses which are now into their fourth or fifth generation so some of them are doing something right. It is rare that the wealth of a family lasts for three generations (the 2nd may see the value of hard work, but the 3rd forgets it and often spends the fruits of the previous generations. The first generation works extremely hard to build a business and the second generation usually reaps the benefits. However, by the time the third generation arrives, the wealth is squandered. But apart from this there are very good reasons why family-owned businesses fail to survive the passage of time. Apart from the vagaries of the business cycle and changes in consumer tastes, new regulations and technology one of the main reasons why family businesses expire is because of families themselves. Family businesses often have complex cultures which need to be considered â&#x20AC;&#x201C; the combination of personal relationships, wealth and business has the potential to disrupt the family as well as

Although Gibraltar is not as complicated as the UK (not least the absence of Capital Gains or Inheritance tax) there are a number of challenges when it comes to planning future business succession. Simmons Gainsford has a lot of experience in advising family businesses across a range of sectors and says there are a number of issues to consider when planning the succession. Broadly these are: Goals - what the family and the business is trying to achieve Scope - the extent of the business to be included within the plan Constraints - what restrictions are there on your choices Once these have been established, work can begin on the plan itself. It is always worth taking professional advice at this stage. Seasoned advisors will have more experience in this and they will be able to anticipate and assess issues beofre they become a problem. Discussing the matter with an advisor should help you clarify your thinking and identify any additional issues which need to be resolved. www.sgllp.co.uk

EY graduate career opportunities launched

Gibtelecom announced today that it will shortly be purchasing the Haven building at John Mackintosh Square from HM Government of Gibraltar. The building, which until recently housed the Government’s Treasury and other public sector offices, is being acquired on a 150 years lease for £5.8 million. Dale Cruz (left) with three EY trainees, Arianne Britto, Stephen Carreras and Miguel Rivera

The Deputy Chief Minister and Chairman of the Company, The Hon Joseph Garcia, said “this is a win-win arrangement for the Government and the Company. The Government realises value for an asset that is in need of substantial investment, having relocated the Treasury, Gibraltar Savings Bank and other public offices to refurbished offices elsewhere. In addition, Gibtelecom would eventually decant from the top floor of the City Hall, where the main telephone exchange is currently located, enabling this building’s integrity and heritage to be fully restored. From Gibtelecom’s perspective they acquire a building, which was originally designed to be a telecommunications centre, where it would have the opportunity to expand and develop its technology and services for many decades to come”. “The Haven, built in 1972 and originally planned to house the Gibraltar Government’s Telephone Department at the time, is of interest to Gibtelecom given it is already home to some of the Company’s technology which it would not now be economically viable to move elsewhere” said Tim Bristow, Gibtelecom’s CEO.

“There are many benefits for the Company in acquiring these premises” he explained “as much of the fixed line, internet and some mobile technologies are located in the upper parts of the building. The Haven building is also connected to Gibtelecom’s John Mackintosh Square headquarters, which houses a number of the Company’s technical departments, as well as the Customer Services Centre. This purchase will also facilitate Gibtelecom in several years’ time vacating the City Hall and eventually removing the bridge that currently connects with the Haven building”. Gibtelecom’s Technical Director, Xavi Bado added that “expansion of the technical facilities in the Haven building will allow the Company to house, amongst other things, its next generation communications switch that will eventually replace the existing System X telephone exchange. Although this is a medium term project that would happen in the next five to seven years, the Company needs to start planning at an early stage the extensive relocation of the copper and fibre cables from the City Hall”.

EY launched their summer programme of graduate opportunities at their newly refurbished offices in Regal House. The evening was an opportunity for current student guests to learn more about the career options available with EY.

A highlight of the evening was a presentation by three EY trainees, Arianne Britto, Stephen Carreras and Miguel Rivera, who explained their journey to date, what those attending could expect from the summer graduate programme and career progression with EY.

Commenting on the success of the evening, Dale Cruz, Executive Director at EY told B2B: “We know that many students are unaware of the career opportunities open to them in Gibraltar with EY. We always look to the home students as a rich source of new talent and the excellent response to our evening event suggests that our graduate summer programme, and potential intake for September this year, will be very promising”.

JJ Pisharello, Managing Partner at EY, welcomed those attending the evening saying, “EY has built a reputation globally as a proactive employer that considers the long term careers of our people. In a recent independent poll conducted by Universum, EY was voted the world’s most attractive professional services employer – and second most attractive employer overall. This event is just one in 2014 at which we intend to encourage young Gibraltarians to consider a future with us but also to illustrate to them the importance we place on developing our people.”

Business Briefs

Gibtelecom announces purchase of the Haven Building

Hassans awarded

“Leading

Law Firm of the Year” in Gibraltar

Hassans International Law Firm was awarded Leading Law Firm of the Year - Gibraltar at the CityWealth International Financial Centre Awards held in London. Line Group, Hassans associated fiduciary arm, also received Runner Up in the Trust Company of the Year – Gibraltar category. CityWealth stated: “In what has been a period of extreme turbulence for clients this is when quality advice is at a premium. It is when the best of the best really stand out.” Clients of the nominated firms were approached for their feedback and the results then judged by an international panel of highly respected practitioners from all sectors. Winners were selected based on achievement, innovation, expertise and service. Karen Jones, Editor at Citywealth, commented: “The online voting for these awards doubled to 5,000 for the contest this year which means UHNW individuals, family offices, intermediaries, trustees and private bankers have all participated to find our winners.”

The awards, which are now in their third year, highlight the excellence of the advisors and managers in the private wealth sector in the major international financial centres. Cecilia Bravo collected the award on behalf of Hassans with the evening being hosted by Rory Bremner.

With global know-how, it’s easier to cut through. When you have access to global expertise, navigating complexity becomes much simpler. At Barclays, the focal point is your dedicated Relationship Manager, who will channel the knowledge and skills of the entire Barclays Group on your behalf. They will diagnose needs and identify relevant solutions for your business. Also, they will guide you towards opportunities for enhanced returns and help to mitigate against risk. To find out more, call our Gibraltar office on +350 200 41222* or visit barclays.com/wealth

James Levy QC CBE, Senior Partner, Hassans, told B2B: “I am delighted that Hassans has been recognised as the leading law firm in Gibraltar, complemented by recognition of our associate fiduciary arm, Line Group. We continuously strive to demonstrate our commitment and expertise which allows us to offer the best quality of service to all our clients, locally and worldwide and we are thrilled that this has been reflected in the opinions of our valued clients”.

Ibex launches new Commercial policy for Gibraltar Local insurer Ibex has launched a new Commercial Insurance policy which can be tailored to meet the needs of almost any kind of business in Gibraltar. To mark the launch of the new policy Ibex invited local business owners to a well attended presentation at the Eliott Hotel. Ibex Managing Director, Richard Hill gave the audience a brief overview of Ibex highlighting the wide range of cover it can offer. “In 2013 Ibex sold over 60 different types of policies on behalf of nearly 30 different insurance companies. With 15 retail offices and 78 staff Ibex is now one of the largest insurance providers for expatriates in Spain & Portugal and also offers a Motor policies in Portuguese to the domestic market there via the Automobile Club of Portugal” Ibex has served the local Gibraltar community since 2005 when it opened Trafalgar Insurance Brokers mainly focussing on Motor, Household, Medical, Travel and Pet insurance.

Underwriting Director, Paula Coulthard presented the new Commercial policy which is underwritten at Lloyd’s of London and from which business owners and directors can pick and choose the cover they require from a wide range of options thus ensuring they get the cover they need without paying for cover that is not relevant to their business. The policy is therefore ideal for retailers, bar and café owners but also for offices and warehouses. All key business risks can be covered from property damage, stock deterioration, business interruption, machinery breakdown, goods in transit, loss of keys and also public and employers liability and more.

Wealth and Investment Management

Barclays offers banking, wealth and investment management products and services to its clients through Barclays Bank PLC and its subsidiaries. Barclays Bank PLC is registered in England and authorised and regulated by the Financial Services Authority. Registered No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP. Barclays Bank PLC is authorised by the Gibraltar Financial Services Commission to conduct banking and investment business in Gibraltar. *Calls divert to our Servicing Centre in the UK. Local rate applied. Lines are open 8am to 5.30pm Monday to Friday UK time, except on UK bank holidays. Calls may be recorded for training and security purposes.

“FUND FOUR” AT TRIAY & TRIAY CO-WRITE GIBRALTAR CHAPTER OF INVESTMENT FUND GUIDE Melo Triay, Robert Vasquez, Jay. J. Gomez and Javier E. Triay have written the Gibraltar chapter in the second edition of Investment Funds published by ThomsonReuter

The investment funds market has gone through unprecedented reforms recently and it’s vital that fund managers and investors understand the legal implications of the changes, particularly in terms of cross-jurisdictional activity. This new edition of Investment Funds provides a single starting point of reference for clients and advisors involved in the investment funds market, covering alternative investment funds, retail funds and developme nts. The publication is a comparative guide to 29 key investment fund jurisdictions worldwide, Gibraltar being one of them. The Triay & Triay lawyers are well-placed to provide advice to the international community on the Rock’s investment fund regulations and combined have a wealth of experience. Melo Triay is the firm’s senior partner and a leading figure in the banking and finance sector. He has considerable expertise in

advising on the establishment of collective investment schemes and funds incorporated in Gibraltar. Partner, Robert Vasquez heads up the firms banking and finance team alongside Melo Triay. He has an excellent reputation in this field and became Queen’s Counsel in 2012. Jay J. Gomez is an Associate with a growing reputation for his expertise in funds. He regularly advises prospective funds, investment managers, insurance companies and banks on licensing requirements and regulations locally. Associate, Javier Triay joined the financial services and investment funds team on completion of his training contract in October 2013. He is also an integral part of the team that has launched several funds in Gibraltar.

time after time Triay and Triay was established in 1905 and still remains at the forefront of the legal profession in Gibraltar, with a tried and trusted reputation for excellence amongst our clients and peers.

ARGUS CEO MEETS WITH GIBRALTAR MINISTER FOR FINANCIAL SERVICES The Argus Group’s Chief Executive Officer, Alison Hill, met with Government officials from Gibraltar recently, including Minister for Financial Services, Albert Isola. The Argus Group has had a presence in Gibraltar since it purchased Norwich Union International Insurance Company Limited in November 2004. The Gibraltar office has since been rebranded under the Argus banner as Argus Insurance Company (Europe) Limited or AIC(E)L, to create global synergy. AIC(E)L is now a leading Gibraltar based insurance company writing Property and Casualty business. In addition, AIC(E)L also offers more specialist classes of insurance through its broking subsidiary, Westmed Insurance Services Limited.

Alison Hill, Chief Executive Officer, The Argus Group, told B2B: “We have being doing business in Gibraltar for nearly 10 years now and have found it to be a very business friendly jurisdiction, from both a government and regulatory perspective.” Tyrone Montovio, General Manager for Argus Insurance Company (Europe) Limited, added “The Financial Services Commission is a very friendly and approachable regulator, which always welcomes feedback and offers guidance with the firms it regulates. We have also had a great experience working with Gibraltar Finance, which does an excellent job working with local professionals in promoting Gibraltar as a quality jurisdiction in which to conduct business.”

With offices based in Gibraltar and Spain, we work with a range of clients ranging from international businesses to private companies, governments, charities and private individuals. We are recognised as a leading law firm in Gibraltar and a number of the firm’s practitioners are recognized as leaders in their chosen fields by sources such as Chambers, Legal 500, IFLR and Practical Law.

Gibraltar’s Lawyers Since 1905 • • • • • • • • • • • • • •

Corporate & Commercial Employment Family Financial Services & Investment Funds Insolvency Litigation Personal Injury Private Client Property Shipping & Admiralty Taxation Telecommunications & E-commerce Trusts Wills & Probate

Triay & Triay, 28 Irish Town, Gibraltar Tel: +350 200 72020 • Fax: +350 200 72270 • info@triay.com • www.triay.com

1,500

One might have thought that there might be a correlation between the deliberate Frontier disruption under a PP controlled Government and the more politically humane PSOE and our local economy.

1,280

1,170 1,137.89 1,050.54

GDP Growth (£ millions ) 1996 - 2014

1,000

From 1996 to today, whether the PSOE or the PP are in power, the song remains the same.

998.36 PP 896.44

804.36 PSOE

739.06

1996 -2004 Aznar & Matutes

1,170 1,137.89 1,050.54

1,000

GDP Growth (£ millions ) 1996 - 2014

1,500

Yet it doesn’t seem to make any difference as to which political party is in power, or how much the recent hard line PP governments try to beat us up, our GDP growth curve just keeps steadily moving on up.

1,280

998.36 PP 896.44

804.36 PSOE

739.06

599.18

560.06

500 352.12

364.51

393.23

409.89

433.61

470.18

507.17

2004- 2011 Zapatero & Moratinos

500 352.12

364.51

393.23

409.89

433.61

470.18

507.17

PSOE

12 13

Relationship between GDP growth and politics in Spain

2011Rajoy & Margallo

12 13

Designed specifically for small to medium sized businesses Underwritten by Lloyd’s of London Competitive rates Tailored to the needs of your business or office

TRIAY STAGNETTO NEISH Barristers & Solicitors

Burns House, 19 Town Range, Gibraltar Tel: (+350) 200 79423 / 200 73530 Fax: (+350) 200 71405 Email: tsn@tsnlaw.com www.tsnlaw.com

1996 Aznar

2004Zapat

655.88 599.18

655.88

560.06

Business Briefs

Spain: beating us up has never worked

2011Rajoy

% 48 LD

Stunning new office accommodation in the heart of the business district of Gibraltar

VICTORY PLACE GIBRALTAR

An impressive development of office accommodation (8,073m2) over 10 floors will be built on the site of the old Royal Gibraltar Yacht Club on Queensway and is scheduled to be completed in late 2016. This striking and iconically designed building, facing the new Marriott Hotel and Residence Inn, will provide 21st century office accommodation for Gibraltar which will be built to a high specification under the British Council of Offices standards. Victory Place will also have its own in-house back-up power generator and automatic voltage regulation system, along with state of the art fibre optic internet connection. For full details of off-plan purchase or lease opportunities & full specifications please contact: Mike Nicholls at Chesterton (Sole Agent) on +350 200 40041 or email mike.nicholls@chesterton.gi or Jeremy Nicholls on +350 200 41700 or email jeremy.nicholls@victoryplace.gi The development has outline planning approval from the Gibraltar Development and Planning Commission (March 2014) and is subject to full planning and landlordâ&#x20AC;&#x2122;s consent.

www.victoryplace.gi

Gibraltarâ&#x20AC;&#x2122;s leading property agent 20 Ocean Village Promenade Ocean Village Gibraltar

+ 350 200 40041 enquiries@chesterton.gi chesterton.gi

The international estate agency, Chesterton, has appointed Tim Benson as a director of its Gibraltar office.

Deloitte appoints new tax partner

Tim joined Chesterton Gibraltar in 2009 after eight years property experience in Gibraltar and Spain. Managing director, Mike Nicholls was delighted with the appointment of a fellow director: “I first met Tim in 2004 when I was finance director of Ocean Village whilst we were selling Royal Ocean Plaza off-plan. He stood out from the other agents in what was, and remains, a crowded unregulated industry sector. It is an absolute pleasure to welcome him to the local board of Chesterton.” Tim arrived in Gibraltar in 1990 and has lived here ever since. His in depth knowledge of Gibraltar relocation issues, and his willingness to help his clients whatever the situation, has made him a particular favourite amongst the gaming sector’s employers. Indeed it is a real credit to him that he can say that he has relocated over 400 individuals and welcomed them onto the Rock and into nearby Spain. “It’s a real honour for me to join the Chesterton Gibraltar board. It is something I have worked extremely hard to achieve for some time. I will play a key role in cementing Chesterton’s leading position in the local estate agency industry. Professionalism, integrity and a desire to go the extra mile is why we are number one, and I intend playing my part to ensure that we stay there”, Tim told B2B.

The Lombard Odier Group names Peter Caetano to lead Gibraltar office Lombard Odier is pleased to announce that Peter Caetano has been appointed as Chief Executive Officer of its Gibraltar office. A Gibraltarian, Peter began his banking career on the Rock in 1980 at Barclays Bank and in 1995 moved with Lloyds Bank to Switzerland. He held senior client-related and managerial roles at Lloyds, HSBC Guyerzeller Bank and Lombard Odier in Geneva. Lombard Odier has been present in Gibraltar for more than 25 years and specialises in offering portfolio management services for private clients and asset management solutions for family offices, insurance companies, pension funds and independent asset managers. Peter’s appointment as CEO reinforces Lombard Odier’s commitment to the Finance Centre and the Gibraltar community. Peter told B2B “After almost 20 years away from Gibraltar, it is a pleasure to return home to lead a vibrant and dynamic team at the forefront of private banking in Gibraltar. Lombard Odier has strong ties with Gibraltar, and I look forward to strengthening these even further in the coming years.” Lombard Odier is building an increasingly international business and has a presence in the world’s main financial centers and a network of 25 offices in 18 countries. Since its founding in 1796, the Group has stayed true to its primary vocation of preserving and growing the assets entrusted to it and helping to hand them to future generations. Lombard Odier’s total client assets were 169 billion euros at the end of December 2013, of which assets under management accounted for 144 billion euros. The Group employed 2,080 staff end-December and offers clients wide-ranging advice in the areas of wealth management, financial products, and specialised banking and technology services.

People on the move

Chesterton appoints additional Director to it’s board

The partners of Deloitte are delighted to announce the promotion of Louise Gonçalves, to Tax Partner in the Gibraltar firm.

Senior appointment in real estate at NatWest Mark Stevens has been appointed a relationship director in real estate finance at NatWest Gibraltar. Mark who has a career in banking spanning 20 years, mostly spent working for RBS International in the offshore jurisdictions, has extensive experience in real estate finance. He will be managing a portfolio of real estate clients and providing managerial assistance to the wider corporate and commercial team. He has moved to Gibraltar from Jersey where he has been a relationship director in the offshore real estate finance team at RBS International since 2006. His experience working for RBS International includes four years in the Isle of Man where he was a relationship manager and four years in Guernsey. He began his finance industry career in 1994 in Manchester working for the RBS Group.

Having qualified as a Chartered Accountant in the UK, Louise returned to Gibraltar in 2003 to join the Audit Department in Deloitte Gibraltar. In 2005 she was given the opportunity to take a central role in the development of a dedicated tax department in the firm. Through her leadership, technical expertise and commitment to client services, Louise has seen the tax department grow to over 15 dedicated tax professionals and trainees. In her spare time Louise is a competitive basketball player playing for club and country. Stephen Reyes, managing partner of Deloitte, Gibraltar said “I am thrilled to welcome Louise as a new partner to the firm. Her dedication and commitment to growing our tax practice and providing quality service to our clients is exemplary. She personifies our continuing affirmation that the greatest assets of Deloitte Gibraltar are the calibre of its people, and we will no doubt see many more of them rising to the top in the future” Louise added, “I am extremely proud of the tax team that has been built up in Deloitte and at having reached such a milestone, that being a partner at Deloitte Gibraltar represents. I could not have done it without the fantastic support and teamwork of everyone in our Tax department.” Deloitte Gibraltar is one of the leading professional services firms in Gibraltar providing Audit, Tax, Financial Advisory and Consulting services to international and local clients.

He commented: ‘This is an exciting opportunity to be involved in supporting NatWest’s existing clients in Gibraltar and help them deliver a number of landmark developments and investment opportunities.’ David Bruce, Regional Director, NatWest Gibraltar told B2B: ‘I am delighted to welcome Mark to the team. He brings with him many years of specific real estate finance expertise and will help to ensure we are fully geared up to readily meet the property development needs of our Gibraltar clients.’ Outside work, Mark is a keen advocate of Macmillan Cancer Support as well as autism charities and has raised funds by completing the Chicago Marathon. He also took part in the Bank’s fundraising challenge in 2010 which raised over £100,000 for Macmillan by the completion of the Machu Pichu Inca Trail in Peru.

The Deloitte Triay Cricket Club won the Gibtelecom Silver Plate trophy beating Stan James Cricket Club in the final.

NatWest has launched a smart iPhone app, giving you instant control over your finances when on the move. By delivering the freedom to manage your accounts 24/7, this app gives you more time to focus on moving your business ahead. Instant benefits: n n n n n

Manage multiple business accounts using the same app Search and view up to 7 years of transactions Move money easily and quickly between your NatWest accounts Locate your nearest NatWest branch or cash machine wherever you are Access and manage your business accounts quickly and easily

People on the move

Fast. Smart. Mobile. Introducing our iPhone app dedicated to business banking

Deloitte trainee wins top prize At the ICAEW awards ceremony held in London recently Deloitte Gibraltar’s Alexander Miller was presented with the Watts Prize by Andrew Ratcliffe, ICAEW Vice President. Alexander achieved 1st place in the Assurance and Audit paper of the Professionall Stage of his exams. Shown in the picture are Alexander, Andrew Ratcliffe and keynote speaker Clare Needham, Head of Finance at retailer Wilko’s.

Fernando Valdivielso Gomez has joined MH Bland as Manager of the Top Station and Mons Calpe Suite.

EWMS

Got a minute? Get started

OFFICE RECYCLING SERVICES

Once you are registered with NatWest Online Business Banking, it only takes a minute to download our dedicated business banking app. Search for NatWest Offshore Business Banking in the Apple App Store.

After completing a degree in German, English and Linguistics at the University of Seville and achieving a Masters degree in Companies Organization at the London Institute, Fernando established himself in the tourism sector working mainly in the hotel sector. He has extensive experience in management positions including leading companies such as Global Distribution Systems (GDS). He has had great success in developing new markets helped by his ability to communicate in English, German and Spanish focusing on customer service and satisfaction. Fernando brings with him a wealth of knowledge and experience in Hospitality and Tourism to an already well established local family firm with a commitment to excellence. Part of his role with MH Bland will involve the continuing development of the Mon Calpe Suite as Gibraltar’s premier location for meetings and corporate presentations, weddings & events.

To find out more, please visit www.natwestinternational.com/business_mobile

CONFIDENTIAL DOCUMENT SHREDDING

(SECURITY LEVEL 4)

WASTE PAPER RECYCLING GENERAL HAZARDOUS WASTE DISPOSAL TONERS - COMPUTERS - LIGHT BULBS - FLORESCENTS - BATTERIES

The Royal Bank of Scotland International Limited trading as NatWest (NatWest). Registered Office: P.O. Box 64, Royal Bank House, 71 Bath Street, St. Helier, Jersey JE4 8PJ. Regulated by the Jersey Financial Services Commission. Business address: PO Box 11, 16 Library Place, St Helier, Jersey, JE4 8NH. NatWest is the registered business name of The Royal Bank of Scotland International Limited under the Business Names Registration Act. Gibraltar business address: National Westminster House, PO Box 707, 57 Line Wall Road, Gibraltar. Regulated and authorised by the Financial Services Commission, Gibraltar to undertake Banking and Investment Business from 57 and 55 Line Wall Road and 1 Corral Road, Gibraltar. NatWest will not charge you for any mobile banking services, however, your mobile phone network operator may charge for certain services. Additional overseas network charges may apply for all networks. Please check with your network provider.

New manager for Top of the Rock

“I am pleased and honored to be appointed as Manager within the MH Bland group of companies. I am both excited and very much looking forward to using my experience in leading the team at the top station of such a unique tourist attraction and promoting the spectacular venue that is the Mons Calpe Suite.” Fernando told B2B

www.gibraltarlawyers.com

Trusted since 1892 We offer the stability and security of advice that only the longest established law firm in Gibraltar can do. So whatever you’re planning, wherever you’re headed, we’re right behind you. For all your legal requirements, contact:

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