Additional class, sub fund or cell of a scheme

Applicable law

Under the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended ("the POI Law") open-ended schemes are declared as authorised or registered under Section 8 of the POI Law.

Applicable rules

Rules which apply to the method of operation of authorised open-ended collective investment schemes:

The Collective Investment Schemes (Class A) Rules 2002*

• The Authorised Collective Investment Schemes (Class A) Rules 2008*;
• The Authorised Collective Investment Schemes (Class B) Rules, 2013 ("The Class B Rules");
• The Collective Investment Schemes (Qualifying Professional Investors) (Class Q) Rules 1998 ("the Class Q Rules").

Successful applications to add an additional class, sub-fund or cell to an open-ended collective investment scheme are granted approval under the respective rules.

*Applicants considering applying for a Class A Scheme must contact Authorisations before formalising an application. Class A Schemes have largely been superseded by the AIFMD regime.

Specific criteria and principles

Applicable funds

As a general principle, we will not normally give approval to an additional class, sub-fund or cell unless it would have been likely to have obtained authorisation under the POI Law in its own right as a collective investment scheme. When assessing an application for an additional class, sub-fund or new cell, we will take into account the general nature and specific attributes of the additional class, sub-fund or new cell.

For the avoidance of doubt, additional classes, sub-funds and cells of closed-ended collective investment schemes are not subject to an application process: such additions constitute a notification to supervision.

Applicable applicant

The designated manager of an open-ended authorised or registered collective investment scheme (or their legal representative ating on their behalf) 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.

Application pack

Application form

Application is made by way of written notification.

Documentation

Signed, certified copies of amended or supplemental scheme particulars, or comparable document and any new agreements related to the addition of the class, sub-fund or cell.

Application fee

The fee is non-refundable. Fees

Application process

We will assess and review the application submission and inform the applicant, or its professional advisers, of any matters requiring expansion or clarification. Once all queries have been satisfied, the application will be referred to a decision-maker. A formal response will follow decision-making.

Timeframe

We aim to respond to all applications for a proposed new class, sub-fund or cell within one month from submission, in the absence of any response, the application of the relevant rules will apply.

Application conclusion

Approval

Successful applicants will be issued with approval by form of letter.

Annual fee

None payable at the issuance of an approval.