The purpose of this page is to assist those preparing applications to the Commission and to avoid unnecessary delays in the application process. Its contents do not have the force of law and are not intended to be definitive. Please see the relevant sections for more detailed information.
How IBD manages the application process
Every application received by IBD is normally allocated to an Analyst, whose work is reviewed by a more senior member of staff (who will sign all licences and letters of authorisation). The initials of the staff members appear in the reference at the top of the letter. Including this reference in all correspondence will ensure it reaches the correct person within IBD with minimum delay.
Applications submitted piecemeal will inevitably take longer than those submitted complete. The Commission will take note of projected "launch" dates when prioritising work but cannot undertake to meet them.
It is important for forms to be fully completed, as each question satisfies a particular requirement of relevant legislation or established Commission policy. IBD staff will follow up any question left unanswered and this will inevitably delay an application. Forms which are received substantially incomplete or which are undated or unsigned will be returned.
Work will only commence on an application upon receipt of the appropriate fee. Please refer to the Fees section under the main Investment tab for details of current fees.
The Commission places great emphasis on the status of an applicant. Essentially the applicant must have a favourable track record in an established jurisdiction which appears free of malpractice, dishonesty or incompetence. Authorisation by another regulatory body will be taken into consideration but does not guarantee a favourable outcome to an application. The 'track record' must be in business equivalent to that to be conducted in Guernsey and should be financially successful. Selectivity criteria also apply to the specific nature of the business to be conducted in Guernsey. For Further information please see the New Promoter section.
Commission staff will conduct background checks, including contacting the home regulator of entities and individuals not known to the Commission. Applicants should be aware that the speed at which these checks progress is mainly determined by the overseas regulators with whom the Commission corresponds. The provision of full information by the applicant at the outset will enable the Commission to commence its due diligence enquiries promptly.