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Gibraltar Regulator's EIF Director Review Positive

by Jason Gorringe, Lowtax.net, London
12 January, 2017

A review of Gibraltar's Experienced Investment Fund industry has found that directors demonstrate a "clear understanding of their duties and obligations," and take a "sound ethical approach."

EIFs are a relatively recent type of fund category, designed for professional and high-net-worth or experienced investors. They are a popular element of Gibraltar's financial services offering because they allow a fund to be marketed without prior approval by the Gibraltar Financial Services Commission.

The review concluded that the overall compliance level from EIF directors who participated in the review was good, with numerous examples of good practice identified. Various risks were also identified and these have been taken up by the Financial Services Commission with the relevant EIF directors via ongoing supervisory action or, where appropriate, enforcement activity.

The review by the Commission is part of its ongoing supervision of EIF directors. This has included the publication in 2015 of a Strategy & Expectations Paper and an accompanying Policy Statement, which addressed the Commission's expectations of individual EIF directors.

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