Agenda for 1st AGM

Gibraltar Association for New Technologies

Annual General Meeting

Monday 1st February 2021 @ 10:30 AM

10:30 am Chairman to announce individuals standing for Executive of GANT

10:35 am Chairman’s address

10:40 am Commencement of voting

10:45 am Treasurer’s Report

10:50 am Voting Closes and voting results.

1st AGM of GANT and election of new committee

GANT will be holding its first Annual General Meeting on Monday 1st February 2021 at 10.30 am. This year the AGM will be hosted virtually on Zoom. We will be using an online platform for the elections.

You are receiving this email as a representative of a member firm. Each member is eligible to nominate in writing one individual, together with a named alternative, as their representative with the power to vote on their behalf.  If you are unable to attend the meeting you can vote by proxy giving 7 days’ notice in writing via email to this address. All details of how to vote will be sent to the representative once registered. Please note the election will open and close during the course of the AGM.  Observers and honorary members are not entitled to vote at the AGM.

If you would like to stand for election, please notify us via email 7 days prior to the meeting by return email to Javi.triay@triay.com. We will then inform all members who will be standing for election and the method that the vote will be carried out. If you would like to add another business item to the agenda please also send it to Javi.triay@triay.com and we will add to the agenda.  An agenda will be circulated prior to the AGM.

GANT’s constitution can be read https://gant394957508.files.wordpress.com/2019/02/gant-constitution-final-feb-2019.pdf

Whist we appreciate that the Association has been a little slow off the mark despite continued effort and support, we hope that are able to join and contribute to the Association going forward and make a great success of it. The Exec agreed to waive 2020 fees.

We look forward to seeing you on the 1st February 2021 and appreciate your continued support.

Best regards,

Executive Committee

Revised DLT Guidance Notes issued by the GFSC

GIBRALTAR REGULATOR REFRESHES JURISDICTION’S DISTRIBUTED LEDGER TECHNOLOGY REGULATION

Gibraltar – September 17th, 2020 –

The Gibraltar Financial Services Commission (GFSC) has today announced a number of important updates to the jurisdiction’s bespoke Distributed Ledger Technology Providers (DLT) regulatory framework Guidance Notes.Changes to the Guidance Notes have been made to capture a natural evolution of the defined regulatory principles. As was always envisioned, in a fast moving industry the idea behind the Guidance notes accompanying the legislation was to be able to facilitate and capture this and maintain a framework that was directly relevant and up to date. As well as offering further clarity on key areas, the amended guidance notes also update the risk framework to distinguish between virtual assets and virtual asset denominated instruments that are arguably higher risk, and require additional factors or on-boarding tests to be considered. Continuation of work on the detailed process of fully adapting the framework to include the latest Financial Action Task Force (FATF) recommendations relating to virtual asset service providers (VASP) activities is also marked by the release of the updated guidance notes. The Government is also continuing with separate work, in engaging an international professional working group on the considerations and factors around the adoption of the Travel Rule requirements introduced for VASPs under the FATF recommendationsGibraltar’s Minister for Digital and Financial Services, the Hon Albert Isola MP, said, “Today marks another milestone moment for Gibraltar’s thriving DLT/VASP ecosystem, as we refine the regulatory framework that guides companies through the licensing process and beyond. Our jurisdiction’s agility has been a hallmark of our success to date, with a progressive open dialogue between regulators and industry figures helping to craft a framework that satisfies natural regulatory prudence while allowing for a sensible amount of regulatory latitude to help projects innovate properly.”The consultation process began last November and included the Gibraltar Financial Services Commission (GFSC), Gibraltar Association for New Technologies (GANT), and DLT Provider licensees who have been fully consulted on the amendments to the framework.Introduced in January 2018, Gibraltar’s DLT legislation is the world’s first purpose-built regulatory framework for businesses using blockchain or DLT and sets out a rigorous application process in line with Gibraltar’s vision for the highest standards in regulatory adherence. DLT permission holders are subject to the same high supervisory standards as banks and other financial services firms. Currently there are 13 licenced firms operating under the DLT framework including large international groups such as eToro, Huobi, Xapo, LMAX, Bitso and Gnosis (the full current list can be seen here https://www.fsc.gi/regulated-entities/dlt-providers-38). In addition, there are a number of active applications in process. Gibraltar has always aimed to open the door to those firms that reach or exceed the high entry threshold we have established and therefore grow a top-level industry and ecosystem. For companies seeking to obtain a DLT licence, early engagement with the GFSC DLT & Markets team is essential to establish if the company’s proposed activity fits within the principles of the framework. “Prospective licensees must demonstrate a clear appreciation of the nine core principles underpinning the regulatory framework, covering areas such as corporate governance, capital adequacy, risk management, customer care, and in due course, market manipulation. Other essential prerequisites include thorough internal risk management strategies, robust corporate governance structures, and well-defined protocols, with secure checks in place to ensure the protection of clients’ assets is prioritised. With a finely tuned DLT regulatory framework informed by industry and market insights, Gibraltar is even more equipped to steadily broaden our DLT community and continue Gibraltar’s strong arc of economic growth post-pandemic and BREXIT. We look forward to welcoming more quality projects into our blockchain ecosystem in the months and years ahead,” concluded Minister Isola.For further information on Gibraltar’s DLT regulatory framework and the revised guidance notes, please visit http://www.gfsc.gi/dlt.

1st EGM Held

The Association’s 1st EGM was held on Monday the 11th Feb 2019.  The constitution was formally adopted by the Memberships and the Executive Committee members ratified into their elected posts.

The following workstreams were highlighted as the first items that will be tackled by the committee and associated sub-committee.  The membership was encouraged to join the sub-committees.

  • Technical :
    • Auditing and accounting standards
    • Tax
    • Forthcoming ICO legislation
    • GDPR
    • FSC Interfacing and Annual Fees
  • Education :
    • Membership and Professional Development
    • Broader engagement with educators to deliver New Technologies in Gibraltar
  • Social Media :
    • Membership Survey
    • Establishment of Facebook, LinkedIn, Twitter and Web Pages

Members were informed that the bank account will shortly be established and annual fee invoices will be issued shortly thereafter.

Members were also informed that the Exec would be meeting with the FSC later in the week and were encourage to raise any issues through the on-line survey so that these could form part of the discussions.

An application to form part of the Gibraltar Finance Centre Council had also been submitted and would be considered formally once the Association was formally constituted.