Gibraltar Day in London 2024 Insurance Breakfast and DLT Seminar 678/2024

The Hon Nigel Feetham KC, Minister with responsibility for financial services, welcomed esteemed guests to DAC Beachcroft's Auditorium on Tuesday 15^th October 2024. The event marked the second and third instalments of a 3-day series of financial services across central London.

Insurance Breakfast

The Insurance Breakfast marked a significant celebration of Gibraltar's prominence and focus on the insurance sector, and its enduring partnership with the United Kingdom.

The day commenced with an informal breakfast amongst attendees, a diverse assembly of insurance owners, executives and advisors, who gathered to kick-start this highly anticipated event.

The Hon Nigel Feetham KC, Minister responsible for Financial Services, set the tone for a morning of thought-provoking discussions. He emphasized the crucial role of insurance in Gibraltar's financial success, highlighting his year and two days in office, during which he has worked diligently on initiatives such as whitelisting and maintaining access to the UK financial services market-the only territory outside the UK with this privilege. He also spoke about the commitment to the UK through the Gibraltar Authorisation Regime (GAR) and the upcoming captive insurance regime aimed at expanding the market.

Following the Minister's remarks, Mervyn Skeet, Director of General Insurance Policy at the Association of British Insurers (ABI), delivered the keynote speech. Skeet addressed the current challenges, including customer trust, the understanding of insurance value, and the impact of pricing decisions on customer experience and affordability. He also discussed the implications of consumer duty and Gibraltar's benchmark regulatory standards, the use of data, and the role of AI in transforming the industry.

The keynote was followed by a dynamic panel discussion, moderated by Yvonne Chu, Partner at Hassans. The panel featured industry experts who examined the central theme of Consumer Duty and the alignment of regulatory efforts. Participants included:

• Mervyn Skeet, who continued the discussion on the challenges regulators face in a digital landscape.
• Joe Perdoni, Director of Prudential and Intensive Supervision at the Gibraltar Financial Services Commission (GFSC), who shared insights on how jurisdictions are aligning their regulatory frameworks and the timeline for GAR implementation.
• Michael Sicsic, Managing Partner at Sicsic Advisory, who analyzed the practicalities of implementing the new Consumer Duty regulations and the role of companies in ensuring compliance while serving consumer interests.

The panel explored the alignment of Gibraltar's regulatory regime (GAR), the challenges of harmonizing regulations, and strategies for effective collaboration between regulators and industry players. They highlighted the need to balance innovation within the insurance sector with robust consumer protections, discussing new products and regulatory satisfaction.

DLT Seminar

In the afternoon, the attention turned to DLT with a seminar that explored how DLT is transforming the future of financial services. The Hon. Nigel Feetham KC opened the seminar with remarks that framed DLT as a cornerstone for innovation within financial services, emphasizing the role of regulators and policymakers in facilitating the responsible growth of DLT solutions. He called attention to Gibraltar's leadership in the regulation of digital assets and highlighted the importance of continued global cooperation to foster trust and drive innovation in the sector.

Following Minister Feetham's address, the keynote was delivered by James Ramsden, an expert on international finance and geopolitics. Ramsden provided a comprehensive geopolitical overview of the state of digital assets in major global markets, focusing on Russia, China, and India. He discussed how these countries are approaching digital assets and blockchain technology, analysing the regulatory stances of each country and the impact this has on the global landscape for digital assets.

A panel discussion moderated by Targ Patience, Chair of Gant, followed the keynote, offering a deeper dive into "The Gibraltar Experience from the Heavyweights", exploring the commercial and regulatory aspects of DLT and digital assets. The impressive lineup of industry leaders included:

• William Harvey, Head of Institutional Sales at Bullish, who discussed the need to align with core principles like compliance, customer focus, and risk management, which are essential for institutional clients in the digital assets market.
• Chris Knight, Managing Director of LMAX Digital, who offered insights into the trading opportunities and market growth facilitated by their business.
• Joey Garcia, Director and Chief Legal & Regulatory Affairs at Xapo Bank, who highlighted Gibraltar's strong regulatory framework for digital assets, positioning it as a benchmark for institutional adoption. He explained that Xapo's UK licence allows it to facilitate financial promotions for Gibraltar firms, providing compliant pathways for market access.
• Felipe Vallejo Dabdoub, Global Chief Corporate Affairs Officer at Bitso, who provided perspectives on the Latin American market, their expansion and the role of digital assets in enhancing financial inclusion.

The panel focused on the commercial opportunities presented by DLT and how businesses are navigating the evolving regulatory landscape while maximizing growth opportunities. The conversation also examined how Gibraltar has positioned itself as a blockchain leader, benefiting from its established framework and consistency.

Looking ahead, the panellists expressed a desire for the regulatory landscape to evolve in a way that keeps Gibraltar at the forefront of innovation. The need for a living regulatory framework that adapts to new challenges was underscored, with a call for balancing rapid product launches with regulatory oversight to maintain market integrity.

Each of the events concluded with a networking opportunity, allowing attendees to forge new connections, exchange ideas, and explore potential collaborations.

ENDS

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