Barrister and Trust & Estate practitioner, Nick Cruz, is ATCOM’s new Chairman. Marc Ellul, who served as its Chairman for the past year, stepped down but remains on the Board. At a well-attended Annual General Meeting on the 21st June 2018, the membership elected their new Board for the next twelve months. Nick Cruz was unanimously elected as the Chairman, Joey Imossi as Vice-Chairman, Subash Malkani as the Treasurer, Mark Bridge as Secretary and Marc Ellul, Kyra Romano-Scott, Raquel Moss and Lesly Nuttal as Board members. The outgoing Chairman, Marc Ellul, reported that ATCOM had worked hard during the course of the year on many matters including: the Gibraltar Financial Services Commission (GFSC) various consultation documents (as parts of their comprehensive legislative review); the introduction of a register of Ultimate Beneficial Owners and assisting in the establishment of a purpose built University Course relevant to ATCOM. Marc Ellul noted that ATCOM had achieved a great deal and had made a real difference, by engaging with the Minister for Commerce; the Gibraltar Finance Centre Council particularly regarding the GFSC consultation documents and the legislation and IT team of HMGOG. His view was that there was more work to be done and that ATCOM needed to remain vigilant regarding any new financial services legislation that would be coming through this year.

The new Chairman, Nick Cruz (who having done 3 previous terms and has been its Vice Chairman this last year so is no new comer to the role), said he would strive to continue ATCOM’s good work over the past year and noted that he would, in particular want to ensure that the new Financial Services Act that would be proposed by HMGOG later this year was fit for purpose. This meant that it was compatible, not just with high standards expected locally and elsewhere, but also with the objective of ensuring the continued commercial viability of the industry. ATCOM employs close to 1000 people in Gibraltar and Mr Cruz stressed that well-regulated, did not mean either over regulated, or over bureaucratic. In ATCOM’s view there needs to be checks and balances on both the Government and Regulator to ensure good compliant businesses could deliver services to clients timely and efficiently in competition with other well-regulated jurisdictions. ATCOM would continue to invest in educational seminars and promote and support the HMGOG marketing efforts, but would not shy away, when required to challenge any agendas that added costs with no real value. Mr Cruz believed that ATCOM had always constructively contributed to the Financial Services Industry and enjoyed a very good and healthy relationship with Government, Regulators and other related Industries and this would continue in the interest of the promotion of Gib PLC.

He thanked the outgoing Chairman and Board and welcomed the new members and new Vice-Chairman.