Tel: +(350)200 50418

ATCOM Press Release28th June 2017

Election of Chairman and Board

Barrister and Notary Public with Ellul & Co, Marc Ellul, is ATCOM’s new Chairman. 

Nick Cruz, who served as its Chairman for three years, stepped down and a new Board was voted in. This is Marc Ellul’s second term as Chairman having previously served between 2011 and 2014.
At a well-attended Annual General Meeting on the 27th June 2017, the membership unanimously elected their new Board for the next twelve months. Marc Ellul was elected as Chairman, Nick Cruz as Deputy Chairman, Subash Malkani as Treasurer, Mark Bridge as Secretary, and Kyra Romano-Scott, Lesley Nuttal, Raquel Moss and Joey Imossi as Board members.

The outgoing Chairman, Nick Cruz, reported that ATCOM had worked hard during the course of the year on many matters including:
Various international exchange of tax information exchange mechanisms namely, FATCA, CRS and EU Council Directives. ATCOM had sought specialist legal advice on the implementation of these into Gibraltar law and had actively engaged with Government in the drawing up of the relevant regulations. ATCOM had also provided its members with a guidance note, drawn up by its specialist legal advisers, on the practical steps required to comply with such mechanisms.

ATCOM engaged with Government on the format of the new tax return which is now required to be filed in respect of all Gibraltar companies. ATCOM was also involved in providing feedback to Government regarding the regulation of practitioners creating and managing Pension Schemes and Foundations.

Very recently, the Chairman and Vice Chairman were consulted by Government on the implementation of the requirement to establish a register of beneficial owners as required by the 4th Anti-Money Laundering Directive. ATCOM took specialist legal advice and was able to make constructive contributions to issues of potential concern to the industry.

The new Chairman, Marc Ellul, said he would strive to continue ATCOM’s good work over the past year. Apart from the usual matters ATCOM currently deals with, he is keen to focus his chairmanship on education and has already had preliminary discussions with the University of Gibraltar to create a company management course. This is at a very early 

stage but the current plan is to have three modules: Gibraltar company law, company administration and regulation/compliance. The aim is to design a Gibraltar-specific course which focuses on our particular laws, procedures and practices.

On behalf of the Board and the members, the new Chairman would like to express his thanks to Nick Cruz for the excellent work he has done for ATCOM over the past three years. He has very ably steered ATCOM through a challenging period and has succeeded in securing the best possible outcomes for the industry.

 

ATCOM Chairman’s Report 27th June 2017

Introduction
The role of ATCOM and its Board is varied and of late rather intense. It is never quiet, just sometimes less busy. Whether it is attendance at GFCC meetings, or project led, it is unending. I cannot express strongly enough the importance of having a good and supportive board and the assistance of those in the GFCC and HMGOG who are very willing to engage in a mutually beneficial rapport. Many of those in the GFSC have also assisted ATCOM greatly. Collectively I believe we deliver to you, the members a voice that influences and shapes our industry and allows us to survive and indeed even prosper in times where the obstacles seem almost insurmountable. Few of us 20 years ago would have predicted that ATCOM members had any sort of future in this regulated and transparent world we live in. Indeed, I suggest that most, if not all would have choked at the thought of doing business with online disclosure and the levels of regulation we need to address.
I want to publicly thank all Board members, and specifically Marc Ellul, my Vice Chairman for tireless support. I also thank the above mentioned third parties and interlocutors. The work we have been involved in has been comprehensive but would include the following:
FATCA CRS DAC
2016/2017 can only be described as a year that has seen seismic change in the way the world does business, with transparency really biting. We may have views whether this is good or bad, an infringement of basic rights to privacy and freedom, or something that should be welcomed.
To some extent it is irrelevant what we may feel, the bottom line is: it is here to stay and this is the world in which we must trade and flourish. For my part, I view transparency as an opportunity given that if nothing else (save perhaps the US who is “special”) the level playing field is here and this is what we as an association and as a jurisdiction have fought for.
The requirements to report differ, depending on the institutions and the structure and assets and manner in which they are held.
It is not for ATCOM to advise or steer and we do not. However given that ultimately the practical implementation of FATCA and CRS DAC is down to the interpretation of the law in the form of the IGA and subsequent Regulations for UK and US FATCA in 2015 and CRS DAC Regulations in 2016, ATCOM has assisted members (wanting to avoid the individual costs of instructing counsel to advise) by seeking advice from the best and most eminent London based QC in the field, namely Philip Baker QC from Field Court Tax Chambers. And so having previously received legal opinions from Mr Baker in April 2014 on the UK IGA, we sought and obtained on the 2nd August 2016 further advice in relation to CRS DAC and what the proper interpretation should be to the relevant regulations in a general sense and in so far as they relate to specific situations including the nominee shareholder or bare trust situations. As in the past we have tried to assist HMGOG in their implementation by sharing our opinions with their advisors and it would be fair to say that considerable time has been invested by me and our Vice Chairman and board in trying to use our resources to assist HMGOG.


Headlines

Catalonia Referendum

21st September

The referendum is raising tensions even further and there seems no let up in what the Spanish Government will do in terms of stopping any kind of dissention being allowed illegal or otherwise. If today's news is to be believed Madrid have sent 3...

Read More

Slow news month in Gibraltar ..

29th August

It has been the usual summer of small beer in terms of news in and around Gibraltar. As with much of the "med" the summer is too hot to get too busy and public sector workers on the whole close their doors around 2pm. The private sector does...

Read More

Consultative Council

31st July

The Gibraltar Consutative Council had its first meeting a few days ago. The council first proposed in 2015 and approved in October 2016 has had a while to iron out any issues you might think but it seems not. The Gibraltar Consultative Council met...

Read More

Gibraltar finds itself in the spotlight

14th July

Citywealth online magazine featured Gibraltar the other day, Acquarius ATG Director Nick Cruz gave his opinion on Brexit along with a couple of others..... Article and magazine at www.citywealth.com Only four percent of voters in Gibraltar backed...

Read More

ATCOM Press Release

28th June

Election of Chairman and Board Barrister and Notary Public with Ellul & Co, Marc Ellul, is ATCOM’s new Chairman.  Nick Cruz, who served as its Chairman for three years, stepped down and a new Board was voted in. This is Marc Ellul’s...

Read More

Budget June 2017

27th June

Yesterday 26th June the Chief Minister Fabian Picardo announced his budget for FY 2016/2017. Although the oppostition announced they will oppose the budget and it is a somewhat cautious budget and possibly expected given Brexit. The main tax...

Read More

Acquarius launch Gibraltar Foundations

9th June

Good news! For many years Gibraltar regulated Trustees such as Acquarius have acted as counsellors to foundations in other territories such as Panama, Liechtenstein, Belize and Cyprus. However, we have not had the ability to create or register foundations...

Read More

Jimmy Tipping tells them, the EU, straight.

10th May

Excellent piece written in today's Gibraltar Chronicle by GC Editor Brian Reyes reporting on Jimmy Tipping's speech to the EU Parliamentary Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion is worth a full read so get the paper...

Read More

Latest News Resident Non Domiciled ...

26th April

As Acquarius subscribers and customers will be aware we have recently been working hard on changes in legislation in regards to the taxation of resident non-domiciled individuals. April was to have been a significant point in which this legislation would...

Read More

UK Election June 8th

18th April

Theresa May this morning announced that she will be taking the country to the polls on June the 8th. Clealry tomorrow this has to be ratified by a vote in the House of Commons, a scenario almost pointless unless you don't want to risk losing your...

Read More

Article 50

3rd April

So UK PM's letter is out and this weekend has seen some incredible machinations already in regard to Gibraltar and Brexit. The Gibraltar Chonicle's Brian Reyes reported this angle on Sr Dastis the Spanish Foreign Minister's,view The...

Read More

Newsflash ...

29th March

Britain has officially entered into exit negotiations with the European Union’s chief Brexit negotiator, Michel Barnier, and his team - appropriately nicknamed ‘Task Force 50’. The activation of Article 50 is the starting pistol for...

Read More

Rajoy's latest nonsense.

28th March

Reported in today’s Chronicle a story featuring a Spanish politician waxing lyrical if not clumsily on Brexit and Gibraltar. The constant is, it is designed to destabilise us and our relationship with the EU and UK. Has Nick Clegg had a quiet word...

Read More

Britain has a moral duty to protect Gibraltar.

2nd March

I make no apologies for another Brexit story but here in Gibraltar we voted overwhelmingly to remain. As part of the UK's structure for defence and foreign affairs the 'leave' decision has us in somewhat of a quandry. Further exacerbated...

Read More

World Trade Centre

22nd February

Story courtesy of the Gibraltar Chronicle: Gibraltar’s World Trade Center was officially opened yesterday with a bullish message from the Chief Minister, who said it signalled Gibraltar’s readiness to face up to the challenge of...

Read More

Gibraltar poses threat to post-Brexit aviation access as Spain signals it would block EU air access deal unless terms exclude Gibraltar airport

12th February

Here is the article from the FT. Will Brexit complicate landing rights for UK flights? Madrid has signalled it will block UK access to the EU's single aviation market unless a deal excludes Gibraltar airport © AFP The Anglo-Spanish...

Read More

Euro too low for Germany?

8th February

A recent report from Gemma Acton on CNBC seems to reveal a small amount of conciliation from Germany toward brexit perhaps in recognition that going it alone or at least without the seemingly better economic performance of the UK will only mean more...

Read More

Gibraltar Continues to Lobby

1st February

Gibraltar Continues Lobbying Meetings in Brussels With Bexit still high and the likes of David Davies, PM Theresa May and even Donald Trump talking abuot it the Gibraltar Government continue to try and sort a deal that will give some release from...

Read More

Seminar at the O' Callaghan Elliot Gibraltar

26th January

Today's Gibraltar Chronicle has an opinion column from Director of Acquarius Trust Group Nick Cruz covering among other things his recent seminar in London at Gibraltar House. This coincides with this mornings ATCOM seminar being held at the...

Read More

Acquarius Trust Group London Seminar

23rd January

Our last news offered a chance to talk or at least listen to a Gibraltar perspective in terms of new rules coming in in April 2017 especially for those resident Non-Domiciled (RND's) clients. As reported recently by us on our channel as well...

Read More

Gibraltar in Perspective

9th January

Gibraltar in Perspective Nick Cruz, a director of the Acquarius Trust Group, Barrister and consultant at TSN law based in Gibraltar has been instrumental together with Savills in pulling together a Savills breakfast seminar this coming Wednesday the...

Read More

Welcome to 2017's first financial report.

1st January

Happy New Year one and all. For the first Acquarius news of 2017 it is probably best to look forward not back and list some exciting things that will happen within the next 12 months. New One pound coin. In March the all new sparkly coin will...

Read More

Acquarius Trust Group new acquisition

21st December

The Acquarius Trust Group are excited to announce our latest new member to the Group, namely Paul Miles. Paul as many in the finance sector will know well, will be joining the board of Acquarius Trust as of 1 January 2017. Paul has over 40 years banking...

Read More

Music festival over but Wet Wet Wet stayed!

5th December

Ask the tourist board and they will tell you that Gibraltar has some 300 days of sunshine per year ... well I assume someone is counting because at the moment that's looking pretty dodgy for a statistic. The last couple of weeks have seen pretty...

Read More

Gibraltar Airport passenger increase in 2016

28th November

Whatever your personal oinion on the cost of the new airport one thing was clear we needed something better than the ramshackle, third world shed we had before it. The airport now is a building albeit large, that we can be rightly proud of and certainly...

Read More

Gherkin Reception text of Chief Ministers Speech

2nd November

If you were unfortunate enough to miss last night's Gherkin reception, like Boris Johnson probably busy elsewhere then here is the message he sent to the reception with his apologies read out by the Chief Minister, Fabian Picardo and his own speech. “Today...

Read More

C.M. Picardo's Autumn Reshuffle

20th October

Today 20th October 2016 Gibraltar's Chief Minister Fabian Picardo announced another reshuffle of his cabinet. His first reshuffle occurred in 2014 and following the election last year he took over some extra responsibilities himself announcing that...

Read More

Fabian Picardo says 'No' again.

18th October

Chief Minister Fabian Picardo once again explains to Senior Margallo Spain's caretaker Foreign Minister what 'No' means in terms of Sovereignty through an opinion column in the Spanish paper 'El Publico'. "It is during tough...

Read More

May signals Brexit; Acquarius are ahead of the game

2nd October

Theresa May likes to talk about "getting on with it" and the Acquarius Trust Group are doing just that. For more than three months since the referendum Prime Minister May has said little about how she will deliver the vote of the British...

Read More