Additional class, sub fund or cell of a scheme
Under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 ("the POI Law") open-ended schemes are declared as authorised or registered under Section 8 of the POI Law.
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 and Guidance, 2021 ("the Class B Rules");
- The Collective Investment Schemes (Qualifying Professional Investor Funds) (Class Q) Rules and Guidance, 2021 ("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 their application. Class A Schemes have largely been superseded by the AIFMD regime.
Specific criteria and principles
As a general principle, approval to an additional class, sub-fund, or cell will not normally be given 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 the 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.
The designated manager of an open-ended authorised or registered collective investment scheme (or their legal representative acting 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.
Applications are made by way of written notification which, together with the relevant documentation detailed below should be scanned and submitted electronically to [email protected].
Signed, certified copies of amended or supplemental scheme particulars, (or comparable document), and any new agreements related to the addition of a class, sub-fund, or cell and should be scanned and submitted electronically to [email protected] .
The fee is non-refundable. Fees
We will assess and review the application submission and inform the applicant, or its professional advisers, of any matters requiring expansion and/or clarification. Once all queries have been satisfied, the application will be referred to a decision-maker. A formal response will follow decision-making.
We aim to respond to all applications for a proposed new class, sub-fund, or cell within one calendar month from submission. In the absence of any response, application of the relevant rules will apply.
Successful applicants will be issued with approval by form of letter.
None payable at the issuance of an approval.