The Government of Gibraltar has published the Financial Services (Experienced Investor Fund) Regulations, 2012. These introduce various improvements to the original 2005 Regulations, including the opportunity for large funds to use reputable and substantial administrators based in jurisdictions of equivalent standing to Gibraltar.
The new Regulations will also allow funds to redomicile to Gibraltar yet continue to use their existing reputable administrator, representing a significant advantage for funds moving to the EU with, inter alia, the advent of the Alternative Investment Funds Managers Directive, due to be implemented by July 2013.
The new Regulations enable Experienced Investor Funds to choose to file for registration ten days before the scheme is established, with automatic registration at the end of that period if no objection is received from the regulator. This provides greater choice, certainty and flexibility for prospective new funds.
The definition of Experienced Investor has also been expanded to include those considered to be professional investors in Gibraltar’s other investment legislation, the Financial Services (Markets in Financial Instruments) Act.
The new Regulations also provide further disclosures which are required in the offering documentation to help investors to make an informed decision prior to investing.
Experienced Investor Fund Regulations 2012
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