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The third of six articles written by Rolf Majcen, Managing Director FTC Capital GmbH, Vienna, Austria, www.ftc.at:

Gibraltar provides competitive alternatives for the hedge fund industry, be it as a domicile for establishing new funds (or a home for redomiciling of existing funds) or - irrespective thereof - as a location for administering hedge funds domiciled elsewhere.

Gibraltar is flexible and friendly. It is an exciting place to do funds business. The rationale of the Gibraltar Financial Services Commission (FSC) is obvious - make it a quick and painless process, to enable funds to launch efficiently in Gibraltar. The competitive Experienced Investor Fund-Regime, which was developed in August 2005, enhanced Gibraltar's attraction as a domicile for alternative investment funds and a good number of hedge funds, private equity funds and property funds have already gone down that route. Authorisation under the EIF Regulations is based on a system of self-certification by the investor, the fund administrator and the fund's lawyer. But Gibraltar is not simply a fund domicile. It's forward-thinking legislation and straightforward regulation enables the local fund administrators not only to specialise in administration capabilities and corporate services for structures domiciled in Gibraltar but also for funds established in other jurisdictions.

Traditionally the hedge fund route has been to domicile hedge funds in offshore jurisdictions such as the Cayman Islands, ......................

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