- in United States
- within Intellectual Property, Technology and Criminal Law topic(s)
Key Takeaways
- Expanded access for family offices: Guernsey now allows
fiduciary firms to act as a Designated Administrator of a Family
PIF under a new limited POI licence, broadening access for family
offices seeking regulated structures.
- Proportionate regulation: The limited licence comes with scaled
fees and regulatory requirements, making it more practical and
cost-effective for firms managing family wealth.
- Enhanced flexibility and commitment: These changes reinforce Guernsey's position as a responsive and innovative jurisdiction for private investment, particularly for high-net-worth families and family offices looking for tailored, regulated solutions.
Today, the Guernsey Financial Services Commission
(GFSC) announced further updates to the Private
Investment Fund (PIF) regime, reducing regulatory
barriers for establishing and operating a Family PIF in
Guernsey.
These changes build on the May 2025 updates, which streamlined
registration routes and adjusted ongoing requirements to position
the PIF as a best-in-class option for a broad range of managers and
asset classes. The latest adjustments enhance flexibility and
reflect the GFSC's commitment to meeting the evolving needs of
family offices – often overlapping with the venture capital community.
Summary of changes
- The updates focus on the Family PIF, one of two types of
Guernsey PIFs. This structure is open only to investors with a
family relationship or those who qualify as 'eligible
employees' of the family. It remains a popular choice for
family offices seeking optional regulation and governance.
- All PIFs must appoint a Designated Administrator, responsible
for certain regulatory duties. Previously, only firms licensed
under the Protection of Investors (Bailiwick of Guernsey) Law, 2020
(POI Law) could fulfil this role.
- Now, firms licensed under the Regulation of Fiduciaries,
Administration Businesses and Company Directors, etc. Law, 2020
– typically those managing family wealth – can apply
for a 'limited' POI licence. This allows them to act as
Designated Administrator for a Family PIF, without engaging in
broader investment business.
- The GFSC has also ensured that annual fees and regulatory obligations for limited licence holders are proportionate to their activities, rather than applying the full POI Law requirements.
These changes create new opportunities for service providers to support high-net-worth individuals and families seeking regulated private wealth structures. This is particularly valuable where families wish to be more involved in investment decisions, explore niche asset classes, or reduce.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
