Guernsey's new fund regime will be examined at a masterclass
in London at the start of March.
In recent months the Island has made several legislative changes
related to funds business and introduced a new set of fund
The main result is that both Guernsey open and closed-ended
funds can be established as authorised or registered funds.
Authorised funds are regulated by the Guernsey Financial Services
Commission (GFSC) and subject to continuing supervision by the
Commission. Registered funds whilst also regulated by the GFSC are
not authorised and subject to separate rules.
Applications for registered funds are processed by the GFSC
within a three working-day timeframe (this is now also available to
open-ended schemes having previously only been applicable to
closed-ended funds). Authorised funds remain subject to the
traditional approval process unless they are established as
Qualifying Investor Funds (QIFs) when again they will be processed
within three working days.
In addition, a new fast-track procedure will now allow managers
and general partners who need to be licensed under Guernsey law to
service these (registered or QIF) funds to take advantage of a
reduced application period of 10 working days. All timings are
subject to meeting designated conditions. Visit
http://www.gfsc.gg/ for more information on these and further
details on the new regime.
"Global economic conditions are making it difficult for
fund managers and promoters to raise money," said Peter Niven,
Chief Executive of Guernsey Finance.
"Investors have an increased need for confidence in the
product, the service provider, the domicile and its regulators. In
making these changes to our fund regime we are providing the tools
that fund architects are demanding to enable them to create the
funds which will meet the requirements of the new market place.
"These changes provide us with a comprehensive menu of
options offering real choice in terms of speed of approval and
levels of supervision while highlighting our hallmarks of high
quality regulation and strong corporate governance. It demonstrates
our continued adaptability and flexibility to be able to meet
current demands of fund managers, promoters and
The forthcoming masterclass will look at the changes in more
detail and explore the implications for fund promoters. The event
is entitled 'Guernsey's new fund regime under the
microscope – an exceptional regime for exceptional
times' and will take place from 5pm on Thursday 5 March at the
America Square Conference Centre in London. Contact Jennifer
Baudains on email@example.com
or +44 (0) 1481 720071 for more information or to book a place at
Delegates will hear from a panel of Guernsey and UK fund experts
chaired by Chris Russell from the Association of Investment
Companies (AIC) and comprising: Sean Cheong from Guernsey law firm
Collas Day; John Clacy of Deloitte; and William Saunders from
London law firm Stephenson Harwood. Attendees will also get the
chance to raise specific points during the question and answer
session and network during the drinks and canapés reception
sponsored by Kleinwort Benson.
Mr Niven added: "This masterclass will provide a very
timely update on our new fund regime to promoters in London
– a centre that remains the principal introducer of
business to Guernsey. We are committed to keeping this market up to
speed with the latest developments across our banking, funds,
fiduciary and insurance sectors. However, we are also continuing to
press on with establishing the Guernsey brand in 'new'
jurisdictions such as China, India and the Middle East."
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