Gibraltar

7. OTHER MATTERS

a. E-commerce

Gibraltar has enacted the Electronic Commerce Act, which deals with the uncertainties surrounding contracts concluded by electronic means and provides a framework regulating the information technology industry. The Gibraltar government fully supports e-commerce and has shown its support by establishing the Communications and Technology Development Unit, which is part of the Ministry of Trade, Industry and Telecommunications.

b. Experienced Investor Funds

Under the Financial Services (Experienced Investor Funds) Regulations 2005, Gibraltar has implemented a framework for the fast-tracking of funds for more sophisticated investors. An Experienced Investor Fund can be set up quickly and, for authorisation to trade, the fund administrator needs to notify the regulator within 14 days of establishment. Funds may also be established as protected cell companies. Since the introduction of such funds, the fund industry has been one of the fastest-growing sectors in Gibraltar.

c. Anti-money laundering rules

The legislation is comprehensive and exceeds requirements of the EU, including legislation to counter all money laundering crimes. The principal legislation is contained in Drug Trafficking Offences Act 1995 (DTA) and the Criminal Justice Act 1995 (CJA) and supplementary regulations, rules and orders.

d. Other financial services controls

The Financial Services Commission (FSC) is a statutory body responsible for regulating and supervising financial services in Gibraltar, which encompass the activities of banking, insurance, investment services and fiduciary services (trust and company management). The appointed chief executive officer supervises financial services in Gibraltar to ensure that they meet the same standards imposed by legislation and supervisory practices governing financial services in the UK. The FSC supervises all institutions carrying on finance business in or from within Gibraltar.


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