The Limited Liability Partnership Act will come into operation today, the Gibraltar Government said.
This is the latest addition to a suite of new and refreshed legislation supporting financial practitioners in the jurisdiction.
Financial Services Minister Albert Isola said this was part of a wide ranging and long outstanding review of legislation in this sector undertaken by the Gibraltar Government.
“The legislation significantly increases the ability of local practitioners to provide first class solutions to their local and international clients thereby creating new and increased business flows for Gibraltar,” he said.
“In bringing this complex project to fruition we have worked closely with the Society of Trust and Estate Practitioners, who have been invaluable in providing expert assistance in the preparation and drafting of these regulations.”
“I am most grateful to them for their support and advice.”
Gilbert Licudi, Education and Justice Minister, also welcomed the announcement.
“I am delighted that we have been able to complete the framework so as to enable this legislation to come into operation as it adds to the significant work that this Government has carried out in recent years to ensure our legislation is current, up to date and fit for purpose in a changing world environment,” he said.
“We are firmly committed to providing the most comprehensive and current legislative framework for our professional services providers so as to contribute to the jurisdictions commercial success.”
“This latest step forward is testament to this commitment. I am grateful to colleagues in the Government and local practitioners who have given of their time and talent in reaching this important milestone.”