Contents 8 EXPERT CONTRIBUTORS FOREWORDS 12 Fabian Picardo, Chief Minister of Gibraltar 13 Petar Stoyanov, President of the Center for Global Dialogue and Cooperation GOVERNMENT 18 Chief Minister’s Perspective - Dawn of a New Era: A fresh vision for Gibraltar’s future Interview with Fabian Picardo, Chief Minister of Gibraltar 22 Minister’s Perspective - Sustainable Growth and Investment in People: Business success for social welfare Interview with Joe Bossano, Minister for Enterprise, Training and Employment FINANCIAL SERVICES 28 Minister’s Perspective - A World-Class Reputation and Best Practices: A small jurisdiction punching above its weight Interview with Gilbert Licudi, Minister for Education, Financial Services, Gaming, Telecommunications and Justice 31 Industry Regulator - Efficiency and Effective Regulation: Maintaining Gibraltar’s reputation as a stable financial centre Interview with Marcus Killick, CEO of Gibraltar’s Financial Services Commission and David Parody, Deputy CEO of Gibraltar’s Financial Services Commission 34 Finance Centre - Gibraltar - EU Financial Services Centre: Reformed and Transformed Interview with James Tipping, Director, Gibraltar’s Finance Centre 36 Expert Analysis - Gibraltar as an Overall International Finance Centre by Michael Mainelli, Executive Chairman, Z/Yen Group and Mark Yeandle, Associate Director, Z/Yen Group 40 Expert Analysis - A Look at Gibraltar’s Neighbours: Europe’s situation and the Rock’s position within it by Tim Harris, Chief Investment Officer - UK, Lloyds TSB Private Banking 42 Expert Analysis - Boards as Modern Drivers for Change: The evolution of Gibraltar’s finance sector’s boards by Marcus Killick, CEO, Gibraltar’s Financial Services Commission 44 Expert Analysis - Gibraltar’s Insurance Industry: Yesterday, today and tomorrow by Chris Johnson, Chairman, Gibraltar Insurance Association & Director, Robus Group 48 Expert Analysis - The Use of Protected Cell Companies by Insurance Companies and Funds by Nigel Feetham, Partner, Hassans International Law Firm & Visiting Professor, Nottingham Law School, Nottingham Trent University 49 Expert Analysis - International Transparency and Cooperation: Gibraltar’s 20 TIEAs by Ghuozi Foo, Secretariat Administrator, OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes 50 R&Q Caledonian - On the Rock with Space to Grow: Based in Gibraltar, Insuring across Europe Interview with Penny Hudson, Managing Director, R&Q Caledonian Gibraltar 52 GFIA - EU Directives Presenting Opportunities: Fund relocation to Gibraltar Interview with Adrian Hogg, Chairman, Gibraltar Funds & Investments Association 54 Expert Analysis - Regulatory Changes Improving Competitiveness: Experienced Investor Funds Regulations 2012 by James Lasry, Partner & Funds Team Leader, Hassans International Law Firm 56 Sovereign Trust - Trust and Company Management: International reach and depth of service Interview with Ian Le Breton, Managing Director, Sovereign Trust (Gibraltar) Limited 57 STM Group/STM Fidecs - The Rock Reaching Out: The EU and farther abroad Interview with Alan Kentish, Chief Financial Officer, STM Group/STM Fidecs 58 GBA - A Stable Sector in Rough Seas: Banking supporting Gibraltar’s growth Interview with Emma Perez, President, Gibraltar Bankers’ Association 60 RBS International/Natwest - Trends in the Banking Sector: Consolidation and steady growth Interview with Marvin Cartwright, Regional Head - Gibraltar & Corporate Banking, RBS International / NatWest 61 Lloyds TSB - Gibraltar as Base: Passporting Private Banking across the EU Interview with Marina Dominguez Steglich, Head of Private Banking, Lloyds TSB Private Banking Gibraltar and Mark Johnson, Country Manager, Lloyds TSB Bank Gibraltar ONLINE GAMING 64 Expert Analysis - Carefully Managed Growth: Quality over quantity Interview with Peter Montegriffo, Team Leader & Partner, Hassans Law Firm 66 GBGA - Regulation and Transparency to Build Trust: Online Gaming leaving nothing to chance Interview with John Anderson, Deputy Chairman, Gibraltar Betting & Gaming Association 68 Expert Analysis - New Momentum for a Successful European Online Gambling Market by Sigrid Ligné, Secretary General, European Gaming and Betting Association 70 Victor Chandler - The Rock’s First Online Gaming Licensee: Good numbers in the books 15 years on Interview with Victor Chandler, Chairman, Victor Chandler International 72 ProSpreads - Straddling Finance and Gambling: A bet that’s paying off Interview with Simon Brown, Managing Director, ProSpreads TELECOMMUNICATIONS & IT 76 Industry Regulator - Ensuring Compliance and Fair Play: Regulating the Telecoms sector Interview with Paul Canessa, Chief Executive, Gibraltar Regulatory Authority 79 SES - On the Med and in the Skies: Going up and high-tech Interview with Harry Pallas, Senior Manager, SES Gibraltar 80 Gibtelecom - Telecoms Growing in Pace with the Economy: An all-round provider extending its reach Interview with Tim Bristow, CEO, Gibtelecom 84 Sapphire Networks - From Back-up to Primary Provider: Keeping the Online Gaming sector connected Interview with Lawrence Isola, CEO, Sapphire Networks 4 Gibraltar 2012 5 <strong>milestone</strong> GRP