Gibraltar Finance Centre Council Elects Nick Cruz as New Chairman

Barrister Nick Cruz is the new Chairman of the Gibraltar Finance Centre Council (“GFCC”) having been elected unanimously at a meeting of the GFCC earlier today.  Marc Ellul, who served as its Chairman for an unprecedented three year term, stepped down that same day but, to ensure continuity in what is a challenging time, was voted in as Vice-Chairman. 

The GFCC is an important body which was established in 1996 with the object of promoting the economic interests of Gibraltar by developing the finance centre.  Representatives of all of Gibraltar’s financial services industry associations are members of the GFCC which meets regularly with the Minister for Commerce, Finance Centre Department Government officials and the Gibraltar Financial Services Commission (“FSC”).  The GFCC has a significant role in shaping finance centre policy and legislation.

The GFCC is consulted by Government and the FSC on a range of matters related to the finance centre including: business development, new legislation, regulatory matters and relevant international treaties and initiatives. 

Significant up and coming matters include: the forthcoming post-Brexit treaty negotiations between the EU and UK on extending the Schengen zone to Gibraltar where the GFCC is being consulted by HMGOG, as part of the TLAC committee established by the Chief Minister; the establishment of a Double Taxation Treaty network and how Gibraltar addresses the latest initiative from the G7 to have a worldwide minimum corporate tax rate of 15%.

The following associations attend GFCC meetings: the Gibraltar Bankers Association, the General Council of the Bar of Gibraltar, the Gibraltar Society of Accountants, the Gibraltar Insurance Association, the Association of Trust and Company Managers, the Society of Trust and Estate Practitioners, the Gibraltar Funds & Investments Association, the Gibraltar Association of Pension Fund Administrators, the Gibraltar E-Money Association, he Gibraltar Association of New Technologies and the Gibraltar Association of Compliance Officers as observers).

On behalf of the GFCC, the new Chairman would like to express his thanks to the departing Chairman for the excellent work he has done over the past three years which has seen unprecedented turmoil and included the Covid 19 Pandemic.