Nick Cruz back in ATCOM hotseat
Cruz stresses need for ‘fit for purpose’ finance legislation
Cruzlaw’s Founding Partner Nick Cruz has been elected as Chairman of ATCOM for what is his 4th time.
Checks and balances on both the Government and the FSC are needed to ensure that good compliant businesses can deliver timely and efficient services to their clients, and compete with other well-regulated jurisdictions, Nick Cruz, its newly elected chairman told last week’s annual meeting of the Association of Trust and Company Managers (ATCOM). Nick, stressed that ‘well-regulated’, did not mean either ‘over-regulated’ or ‘over-bureaucratic’. And in his renewed role as chairman, he particularly intends to ensure the Government’s proposed new Financial Services Act is fit for purpose and compatible, not only with high standards here and elsewhere, but also that it ensures the continued commercial viability of an industry which employs some 1,000 people in Gibraltar.
ATCOM would continue to support the government’s marketing efforts, but would not shy away from challenging ‘any agendas that added costs with no real value’, said Cruz. The Association would continue its constructive contribution to the Rock’s financial services industry. Referring to the Association’s ‘hard work’ over the past year ‘on many matters including… the introduction of a register of ultimate beneficial owners and assisting in the establishment of a purpose built University course relevant to trust and company managers’, outgoing chairman Marc Ellul agreed that ATCOM needed to remain vigilant regarding any new financial services legislation in the year ahead.