Comparative Guides

Welcome to Mondaq Comparative Guides - your comparative global Q&A guide.

Our Comparative Guides provide an overview of some of the key points of law and practice and allow you to compare regulatory environments and laws across multiple jurisdictions.

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4. Results: Answers
Alternative Investment Funds
7.
Reporting, governance and risk management
7.1
What key disclosure requirements apply to alternative investment funds in your jurisdiction?
Guernsey

Answer ... The amount of information made public on Jersey funds is limited. Companies incorporated in Guernsey will appear on the Guernsey Register, which is searchable online. The company’s constitutional documents are made available for public inspection, including the memorandum and articles on payment of a fee. Special resolutions passed by the company must also be filed and will be made available for inspection, as will the company’s annual return, which shows a company’s legal (but not beneficial) owners. As well as corporate funds, a general partner of a limited partnership and a trustee of a unit trust will also generally be formed as a limited company.

A search of the Guernsey Register will also show any limited partnerships established in Guernsey. There is no need for the Limited Partnership Agreement to be filed and no requirement to file a return detailing who the partners in the limited partnership are.

The name and address of Guernsey funds and Guernsey regulated service providers are also shown on the website of the Guernsey Financial Services Commission (GFSC) (whether formed as a company, limited partnership or otherwise).

For more information about this answer please contact: Paul Wilkes from Collas Crill
7.2
What key reporting requirements apply to alternative investment funds in your jurisdiction?
Guernsey

Answer ... Reporting requirements are set out for each fund category in the relevant funds rules.

For more information about this answer please contact: Paul Wilkes from Collas Crill
7.3
What key governance requirements apply to alternative investment funds in your jurisdiction?
Guernsey

Answer ... Governance requirements are set out in the GFSC’s Code of Corporate Governance. To the extent that a fund meets the Association of Investment Companies’ Code of Corporate Governance, it does not need to separately follow the code.

For more information about this answer please contact: Paul Wilkes from Collas Crill
7.4
What key risk management requirements apply to alternative investment funds in your jurisdiction?
Guernsey

Answer ... Fund managers, administrators and custodians each play a role (as applicable) in ensuring that risks are managed. Many of these roles or functions are set out under the relevant rules. For example, a custodian of a Class B fund must monitor the compliance of the fund and the manager in relation to the requirements of the rules and compliance with the fund’s prospectus.

For more information about this answer please contact: Paul Wilkes from Collas Crill
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Alternative Investment Funds