on the Rock

Two years ago,a branch of the Compliance Institute was inaugurated in Gibraltar. A membership of forty was achieved and during the last two years the local centre has successfully run two Foundation Courses in Compliance and Risk Management. Additional events have also taken place in conjunction with other bodies within the financial services sector. Throughout this period encouragement has been received from the Financial Services Commissioners of the day, Martin Fuggle and Marcus Killick.

However in Gibraltar we are caught between the need to provide more locally centred training and a need for recognition of the training being undertaken. The local centre was very fortimate to be introduced to Charles Cattell and Ray Russell, trainers ofconsiderable experience. Their enthusiasm in running the Foundation Course and the encour agement of course participants to discuss concerns led to some inter esting discussions.

Since the early months of 2003 the Council of the Institute has been considering its future. It now tran-

A meeting of members look place in October followed by an open meeting of all interested parties to discuss the proposed initiative and to gauge support. The new asso ciation will welcome the support of everyone either working directly in or interested in compliance. Both individual and corporate member ship will be available,the latter be ing something not available with the UK Institute.

The concerns are that the new association will struggle to gain support,due to the many demands currently placed on people in their spires that a decision appears to have been made to close down the centres in offshore locations. At the time of preparing this article the local jcentre Chairman and Com mittee had not received a response to a letter asking the President to outline the specific reasons for the decision, which effectively "disenfranchises" members in Gi braltar. The committee also wanted to know why the decision appears to have been taken withoutseeking the views of members in Gibraltar. Whilst we do not believe that the council has ratified the decision, it is clear that Gibraltar is one of the centres that do not feature in the future plans of the UK Institute. working environment as well as support currently given to other associations within the financial services sector.

Prior to the above decision being relayed to Gibraltar, the local cen tre committee had been discussing the setting up of a more locally based association — The Associa tion of Gibraltar Compliance Offic ers. In view of the UK decision, plans have been brought forward a little quicker than originally in tended.

Franco Cassar, President of The Gibraltar Bankers Association ex pressed concerrrs on several issues in The Financial Column of The Gi braltar Chronicle on 23rd September 2003. His views demand support and it is certainly not the intention of the new Association to create a greater demand for the few who really try and support local initia tives.

However,there are issues arising where all should welcome com ment and discussion, and a forum specific to compliance may focus the mind of any discussions.

In today's financial world every decision, transaction or action has a compliance element. The MRLO or Compliance Officer/Manager of a small regulated business should not feel isolated. There is every possibility that the concerns ofone are the concerns of many. There is not a ready-made forum to share ideas, concerns and views. The new association hopes to fill that vacuum and be such a forum, in addition to offering local training viding a forum for discussing, of fer training specific to the needs of compliance personnel, and at the same time raise .standards of all li

In today's financial world every decision, transaction or action has a compliance element utilising both local and UK based trainers. Ray Russell and Charles Cattell have offered support and discussions are taking place to con sider the viability of the proposal. Compliance issues and require ments will not be disappearing. Realistically the demands will be increasing. Let us hope that the new Association can assist in pro censed entities thereby enhancing the reputation of the jurisdiction in a positive way into 2004 and be yond.

Trevorj Nichols is Managing Direc tor of Global Advisory Services Ltd, Suite B, Ground Floor, Regal House, Queenswai/, Gibraltar. Tel:46830 Fax: 46840 Email:globaladv@gibni/nex.gi

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