Introduction
“The Gibraltar Stock Exchange opened its The Gibraltar Stock Exchange (‘GSX’), is a Gibraltar-based private doors on November company, licensed by the Financial Services Commission, that 2014” commenced its operations on 10 November 2014 as a technical listing exchange for open-ended funds. In due course, GSX will extend its listing services to other asset classes such as closed-ended funds in 2015, and bonds, Insurance Linked Securities (‘ILS’) and structured products in 2016. For Managers, the benefits of listing their fund include, but are not limited to, increased visibility, added credibility and increased transparency in a modern stock exchange (see ‘Benefits of Listing’). GSX provides a robust listing process that shall be fast to market and commercially attractive compared to its European peers. This may be a particularly important consideration for small and medium sized funds (See ‘How to List’).
About Gibraltar
“We have welcomed the launch of the Exchange and are delighted by its progress, as indeed by the interest it has created both locally and internationally” Albert Isola Gibraltar Minister for Financial Services and Gaming (2014)
GSX
Gibraltar is a member of the EU (via the UK’s membership) but is outside the Eurozone. As a British territory it uses an English common law system and the British Pound Sterling. Gibraltar operates within internationally recognised and EU standard anti-money laundering and OECD conventions. Gibraltar is a British Overseas Territory, self-financing, parliamentary democracy within the EU. Gibraltar is economically prosperous with a highly diversified economy and a highly developed financial services sector. Given its status within the EU, Gibraltar-licensed banks, investment services firms, UCITS, insurance companies, reinsurance companies, and insurance mediation firms benefit from access to the single European market and therefore a potential client base of over 500 million people. Gibraltar is today a realistic alternative as an onshore, cost-efficient, and fast-to-market jurisdiction.
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Benefits of Listing Why would a fund seek to list its shares on GSX? GSX leverage’s Gibraltar’s unique competitive advantages, offering a first class listing service: • Access and connectivity with investors • Innovative website • Cost effective solution • Speed to market • An accessible and responsive regulator
Cost effective and Speed to market A Fast and Commercially Competitive EU Listing
Open Ended Funds that can list on GSX include: • Derivatives Funds • Hedge Funds • Fund of Funds • PE Funds • Multi-manager Funds • Property Funds • VC Funds • Emerging Market Funds
Gibraltar’s Member Firms aim to offer both a commercially attractive and fast-to-market service. The overall costs will include the Member Firms own fees, the GSX Listing Fees and the Listing Authority Fees.
“We wanted to list our fund to increase our Who Can List on GSX? visibility & transparency Open ended funds from GSX Recognised States which include, but to investors…
GSX
is not limited to, EEA funds, US funds and all of the major global fund domiciles.
Start-up funds with no assets as well as established funds are welcome. A listing applicant can be incorporated in any Recognised States approved by GSX.
The main qualification is that the listing applicant must satisfy GSX that its directors, and any investment manager, have sufficient and satisfactory experience and that it is appropriately licensed, registered, authorised, deemed to be authorised, and/ or regulated as an open ended fund by the Competent Authority of a GSX recognised state .
…for a fund of our size, cost and speed were critical factors in determining which exchange we chose, and GSX delivered on all aspects..” Fund Manager
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How to List
“It has been possible to design GSX in a manner There are four stages to the listing process: that reflects the current needs of the alternative Stage 1 – Member Firm All Applicants seeking a listing on GSX must first appoint a Listing funds industry” Member Firm. Member Firms are responsible for bringing listing Nick Cowan applications to market and maintaining on going reporting MD, GSX obligations. GSX supplies the CIS Listing Code, the CIS Application Form and a CIS Checklist to facilitate the preparation of documents;
Stage 2 - GSX The Listing Member must then submit all documents to GSX who will review pack within 5 business days of receipt and, where required, seek further clarification. Once satisfied, GSX will forward the completed application to the GSX MLC; Stage 3 - MLC The GSX Membership and Listing Committee (MLC) shall review and approve all applications after which it will make its recommendation to the Listing Authority; Stage 4 – Listing Authority Once the MLC approves the application, it is submitted to the Listing Authority, the body responsible for the regulatory approval of listings, that is completely independent of GSX and manned by officers from the Financial Services Commission (FSC) of Gibraltar. The Listing Authority has 10 business days in which to either approve the application or ask further questions.
GSX
Next Steps
“A listing should be achievable within 4-6 weeks”
Please register on GSX’s Website (www.gsx.gi) for further information on: • GSX • Member Firms • Listing codes and application forms • Listing fees • FAQs
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Contact The GSX Listing Department
• Email: nick.cowan@gsx.gi • Telephone: (+350) 200 67822
• Email: philip.young@gsx.gi • Telephone: (+350) 200 67822
Contact The GSX Marketing Department
• Email: marcus.wohlrab@gsx.gi • Telephone: (+350) 200 67822
• Email: daniel.evans@gsx.gi • Telephone: (+350) 200 67822
Member Firms Castle Fund Administrators Limited Contact: Mr Neil Gogan Email:neil.gogan@castlefundadministrators.com Tel: (+350) 200 40466
EY Limited Contact: Mr Johann Olivera Email: johann.olivera@gi.ey.com Tel: (+350) 200 13200
Fiduciary Exchange Services Limited Contact: Mr David MacGregor Email: info@fiduciarygroup.com Tel: (+350) 200 76651
Grant Thornton Fund Administration Limited Contact: Mrs Tyrene Edwards Email: tyrene.edwards@gi.gt.com Tel: (+350) 200 45502 ext 310
Helvetic Fund Administration Limited Contact: Mrs Nicola Smith Email: ns@hfft.gi Tel: (+350) 200 45953
Line Management Services Limited Contact: Mrs Caireen Provasoli Email: caireen.provasoli@hassans.gi Tel: (+350) 200 79000
Velay Financial Services Limited Contact: Mrs Joanne Sene Email: jsene@vfs.gi Tel: (+350) 200 51431
T&T Management Services Limited Contact: Mr Louis Lombard Email: louis.lombard@ttms.gi Tel: (+350) 200 76108
Whitmill Fund Administration Limited Contact: Mr Paul Osborne Email: paul@whitmill.gi Tel: (+350) 200 61100
Vista Fund Services Limited Contact: Mrs Carol Ruffell Email: carol.ruffell@vistafundservices.com Tel: (+350) 200 76458
GSX GSX Limited is authorised and regulated by the Gibraltar Financial Services Commission (FSC) under license number FSC1231B.
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