Gibraltar is to introduce new fund legislation and products later this year. According to Marcus Killick, CEO of the Financial Services Commission (FSC).

The regulator is working with government and industry at products based on the different classifications contained in the European Union's Mifid (markets in financial instruments directive) legislation, qualifying investors specialising in certain types of funds closed ended funds and at mezzanine style funding arrangements.

According to Killick the FSC will also be reviewing its hedge fund and related legislation this year. Hedge fund regulations were last modified in 2005 when the experienced investor funds regime was launched. There are currently 51 of these schemes registered with the FSC.

"The world has moved on since then [2005] and we'll have to take into account any changes in directives emanating from the EU," said Killick. He believes there will be increasing demand for regulated funds.

Gibraltar is a self-governing entity, which is an overseas territory of the UK, but is a member of the European Union.