There are 3 Fast Track Application Regimes:

• Qualifying Investor Funds

• Registered Collective Investment Schemes

• Fast Track Licence Application for entities acting in respect of Qualifying Investor Funds or Registered Collective Investment Schemes                                                                                                            

Qualifying Investor Funds (“QIFs”)

Registered Collective Investment Schemes

The rules which apply to Registered Collective Investment Schemes are The Registered Collective Investment Scheme Rules 2008. In order to consider granting the requisite registration to the Registered Collective Investment Scheme the Commission must receive a copy of the application form (Form REG), which must be signed by the proposed designated manager of the scheme.

The Form REG 2008 requires the proposed designated manager to make specific declarations. The Commission attaches great importance to these warranties. It expects applicants to be able to demonstrate that they have documentary evidence to support the warranties given, and to be able to produce that evidence immediately should the Commission request it. Applicants who cannot substantiate their applications may find themselves excluded from participation in the Registered Collective Investment Scheme self-certification programme.

In support of the application, the following documentation is required in addition to the Form REG:

• Submission of fully completed Forms PQ in respect of controllers, directors of the promoter and scheme (as appropriate);
• Payment of the application fee required under the relevant fee regulations;
• Submission of certified complete final copies of the prospectus, offering document or equivalent; the application form, subscription agreement or equivalent; the constitutive documents, that is the articles of incorporation, trust deed or limited partnership agreement, as applicable and all material agreements entered into by the scheme.
• The licensing under the POI Law of persons intending to carry on a restricted activity within the Bailiwick of Guernsey in connection with the scheme.

The Commission will declare the necessary registration under the POI Law within three working days of receipt/resolution of all of the above issues.

For further details please refer to the Guidance on Registered Collective Investment Schemes, the link to which can be found here.

Fast Track Licence Application

 A fast track licence application is only available for parties seeking to provide management services to Qualifying Investor Funds or Registered Collective Investment Schemes. All other licence applications will need to apply and be assessed under the Commission's standard application process.

In order to apply for a Licence under the Protection Of Investors (Bailiwick of Guernsey) Law, 1987, as amended ("the POI Law") using the Fast Track application process the Commission must receive a copy of the application form (Form FTL). The Form FTL requires the proposed administrator of the proposed licensee to make specific declarations. The Commission attaches great importance to these warranties and the standard of the documentation and information submitted in support of the licence application as referred to below. The Commission has a statutory duty in considering applications for licences under the POI Law and the submission of complete and accurate submissions, together with the relevant warranties will be used by the Commission in expediting the formal application process.

 In support of the application, the following documentation is required in addition to the Form FTL:

• a fully completed and signed Form RA/1 together will fully completed Forms PQ or Forms PD as appropriate for all relevant controllers, directors and managers.

• all associated documentation and information as required by the Form RA/1

• confirmation that the applicant has been incorporated or established (as appropriate)

• documentary evidence supporting the applicant's paid up share capital, together with the relevant directors' confirmation in respect of the applicant's financial resources provisions (as required under the relevant section of The Licensees (Capital Adequacy) Rules 2010.

• a copy of the licensee's due diligence supporting the warranties in the Form FTL, to enable the Commission to focus its due diligence enquiries and consider the validity of the warranties provided. This documentation will not be returned to the administrator unless specifically requested.

• If a promoter is already known to the Commission as a result of its relationship with an existing (or previous) Guernsey investment fund confirmation of that fact, together with written confirmation that the licensee holds up to dated due diligence documentation meeting the requirements of the Guidance Document issues by the Commission dated October 2008.

• payment of the application fee under the relevant fee regulations.

The Commission will formally consider the application for a licence within 10 business days of receipt of all the above. Any issues resulting from the Commission's initial assessment of the application will be referred back to the Guernsey licensed administrator acting on behalf of the applicant withe the 10 business day period. It is anticipated that in such cases the ten business day period will be suspended and resumed upon resolution of the issue, rather than the 10 business day period having to be restarted upon resolution of the identified issue.

For further details please refer to the Guidance in respect of Fast Track Application Process the link to which can be found here.