ISOLAS Communique Number 5 - September 2009

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ISSUE 5

SEPTEMBER 2009

HISTORY AND PROFILE OF THE FUNDS TEAM by Joey Garcia

ISSUE 5

SEPTEMBER 2009

ISOLAS IS PROUD TO WELCOME... KARL TONNA Karl was called to the Bar in 2002. He has been an Associate in the Commercial and Litigation Departments of a local law firm and has wide-ranging experience on different transactions, including corporate restructures, acquisitions and general civil and international funds litigation.

Gibraltar’s position as a rapidly growing jurisdiction for Funds has been well recognised and ISOLAS have been on the front of this development. Our position within the EU, and the advantage of working within a jurisdiction that is highly regulated, operating internationally recognised and EU standard anti-money laundering and Organisation for Economic Co-operation and Development (‘OECD’) conventions, makes Gibraltar a very attractive alternative funds jurisdiction within Europe. The Experienced Investor Fund (EIF) regime was launched in 2005 and has seen many other jurisdictions follow suit with similar styled products. The speed and ease of set up along with the degree of flexibility that the EIF allows makes it an excellent alternative/hedge fund/private equity/property vehicle. EIF’s can also be structured as protected cell companies under the Gibraltar Protected Cell Companies Act 2001. This allows for a single corporate body, with an internal ‘umbrella’ structure consisting of any number of subdivisions that allow for the legal segregation of assets and liabilities into different Cells allowing for multiple strategies. ISOLAS have advised private clients, family offices and an international base of investment managers on the structuring and set up of Gibraltar based fund solutions. We are regarded as one of the leading Fund teams in Gibraltar, offering a first class and personal service while also developing synergies with our clients in the Funds sector. Our team is able to advise on all aspects of a fund set up and to assist in taking any project from concept through to launch and beyond as well as being able to act as a central reference point for all counterparties to make the procedure seamless. ISOLAS have also advised international firms on Gibraltar fund related issues, and on the promotion of collective investment schemes in Gibraltar as well as the effect of the newly proposed Alternative Investment Fund Manager Directive.

SEPTEMBER 2009

ISSUE 5

www.gibraltarlawyers.com

In addition to his legal training and insurance qualifications, Karl has also had four years industry experience as Managing Director of a leading Gibraltar-based Insurance Broker. The rise in personal injury claims in the past decade has given Karl a unique outlook of the real issues for both claimants and defendant insurers. Karl has also garnered firsthand experience of the range of issues a local business may face and is thus well placed to provide thorough yet sensible advice. Karl is an active member of The Round Table Gibraltar.

Communiqué Introduction

The rise in personal injury claims in the past decade has given Karl a unique outlook of the real issues for both claimants and defendant insurers. Welcome to our September edition of the Communique. In this edition a variety of subjects of importance have been covered by our lawyers: Selwyn Figueras explains how the Gibraltar Government’s efforts are driving the jurisdiction on course and on schedule for the placement of Gibraltar on the OECD’s white list of companies complying with the internationally agreed tax standard. Steven Caetano covers the principles and use of injunctions in respect of executives starting up in similar businesses on their own in the absence of restraint of trade clauses. The third and last item on the professional front is an explanation by Joey Garcia of our funds team and the impact of the Alternative Investment Fund Managers directive on the funds industry in both a global and local sense.

Up and coming events Date

Event

Location

October 2009

Gibraltar, London Day

London

October 2009

ISOLAS Charity Cycle

Portugal - Gibraltar

September/October 2009

Switzerland Seminars Week

Switzerland

Associated with

www.gibraltarlawyers.com Portland House Glacis Road PO Box 204 Gibraltar Tel +350 200 78363 Regulated by the Gibraltar Financial Services Commission. Licence Numbers FSC00277B FSC00276B

By Christian Rocca

As you may be aware, we are looking to raise funds for a number of charities in Gibraltar and would be grateful for any support you can offer in this regard. Polo Tournament. Our hospitality suite was well attended on all match days and the atmosphere proved warm, friendly and as casual as we had hoped. This being the September edition of the Communique, we will at the time of going to print have enjoyed our annual Golf Tournament at La Reserva in Sotogrande where a total of around fifty players will have tried their hand on a hot September’s afternoon. On one final, social note, the Cape St Vincent (Portugal) to Gibraltar Charity Cycle is now literally around the corner and final preparations are now under way. As you may be aware, we are looking to raise funds for a number of charities in Gibraltar and would be grateful for any support you can offer in this regard.

I write at the conclusion of what I hope will have been a restful summer for most of the team and what was certainly a busy social couple of months. During the month of August we had the opportunity of spending some time in a casual/informal setting at the Santa Margarita Polo Club as we watched Finally, I have the great pleasure of the teams vie for the silverware in the Annual welcoming Karl Tonna onboard, a lawyer

joining our firm as an associate about whom you can read on the back page and who I am certain will prove to be a valuable addition to the team here at ISOLAS as we continue to develop and look for ways of providing the service of which we are so proud.

In this issue Page

1. Introduction 2. Springboard Injunctions for Bad leavers 3. On the White Road 4. AIFM Directive Implications 5. History and Profile of the Funds Team 6. ISOLAS welcome...


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