The article discusses the importance of financial innovation and its role in the development of the finance sector in Gibraltar. Marcus Killick, then the Chief Executive of Gibraltar’s Financial Services Commission, says that while some financial products like credit derivatives have proven toxic, it is not innovation itself but the failure of senior management and regulators to understand and manage the associated risks that caused problems. Killick advocates for responsible innovation and collaboration between regulators, government, and industry to develop new financial products and services.
He highlights the growth of Gibraltar’s banking, insurance, and investment services sectors and the potential for the jurisdiction to become a leading EU fund centre, particularly in light of the upcoming Alternative Investment Managers Directive.
Read the article: Opportunities arising from new EU rules give an edge
(Article first published in Gibraltar International, 2009.)
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