Open-Ended Collective Investment Schemes
The designated manager of an open-ended authorised or registered collective investment scheme must give prior written notice to the Commission to add additional classes, sub-funds or cells to an existing authorised or registered open-ended collective investment scheme.
In addition to the written notification the Commission will require:
Signed certified copies of amended or additional information particulars, principal documents or other agreements related to the addition of the class, sub-fund or cell.
The relevant application fee
any other information as the Commission may require.
When assessing an application for an additional class, sub-fund or new cell, the Commission takes into account the general nature and specific attributes of the new class, sub-fund or cell. As a general principle, the Commission will not normally give approval to a new class, sub-fund or cell unless it would have been likely to have obtained authorisation under the Protector of Investors (Bailiwick of Guernsey) Law 1987 as amended, in its own right as a collective investment scheme.
No effect shall be given to the proposed new class, sub-fund or cell unless:-
the Commission has given its formal approval to the proposed new class, sub-fund or cell
one month has elapsed since the notice was given without the Commission having notified the person serving the notice the proposal is approved
Closed-Ended Collective Investment Schemes
Currently, there is no application process for an additional class, sub-fund or cell to an existing authorised or registered closed-ended collective investment scheme, although it is a requirement to notify the Commission of an additional class, sub-fund or cell as a proposed material alteration to the existing closed-ended collective investment scheme.